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Paying For College
- Tuition Break Down
- Paying for College
- Understanding Student Loans
- Tax Credits
- Student Loan Deductions
- Federal Financial Aid
- State Financial Aid
- Financial Aid Packages
- Cost of College Worksheet
- How Your Assets Impact Financial Aid?
- Prepaid College Tuition
- Step 529
- Employer Tuition Reimbursement
- Why is College So Expensive
Federal Financial Aid
To Apply for federal financial aid, you will have to fill out a FAFSA form (Free Application for Federal Student Aid). This form is what the federal government uses to determines the type of aid you qualify for.
Popular Distance Learning Programs:
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Grants do not have to be repaid, whereas loans do. Depending on the loan type, interest rates vary. Please read your loan options carefully, because some loans require repayment immediately, and some require repayment after graduating college.
| Federal Student Aid Program |
Type of Aid | Program Details | Annual Maximum Award Limits |
| Federal Pell Grant | Gift Aid. Does not have to be repaid. |
Available to undergraduate students. All eligible students will receive the Federal Pell grant amounts for which they are qualified to receive. | $4,050 max award for 2005/06 year. |
| Federal Supplemental Educational Opportunity Grant (FSEOG) | Gift Aid. Does not have to be repaid. |
Available to undergraduate students with exceptional need. | Between $100-$4,000 a year. |
| Federal Work- Study Subsidized | Money earned while attending school. Does not have to be repaid. |
Available to undergraduate and graduate students. On-campus jobs - students paid at least minimum wage. | The total amount you earn in a FWS program can't exceed the total of your FWS award. |
| FFELP Stafford Loans (FFELP) | Loan. Must be repaid. |
Available to undergraduate and graduate students based on need. Interest paid by the federal government while borrower is in school and during grace and deferment periods. | $2,625 to $8,500 depending on grade level. |
| Federal PLUS Loan | Loan. Must be repaid. |
Available to parents of dependent undergraduate students. | Cost of attendance minus any other financial aid received |
| Unsubsidized FFELP Stafford Loan (FFELP) | Loan. Must be repaid. |
Available to undergraduate and graduate students not based on need. Borrower is responsible for the interest. | $2,625 to $18,500 depending on grade level. (includes subsidized amounts received for the same period) |
You should receive your student aid report (SAR) in one to four weeks. Schools use SARS as the basis for compiling student aid award letters they send to their prospective students.
The FAFSA form is only good for one year. You will need to reapply for Federal financial aid once a year for every year that you are still in school.
Online Colleges
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