Financial Aid

FSEOG

provided to college-bound students with the most exceptional financial need

ACG

provided to first and second year college students based on need

TEACH grant

provided to students who plan to teach in public or private elementary or secondary schools that serve lo-income students

Federal Work-Study program

A federally funded program that helps college students earn aid through part-time work. Students find jobs through their college. The money goes toward paying college expenses.

Perkins Loan (federal)

A loan for high-need students that offers up to $5,500 a year for undergraduates and up to $8,000 a year for graduate students. The loan my be forgiven for public service under some circumstances

Direct PLUS Loan

A loan tha graduate students, professional degree students, and the parents of undergraduate students may take out to pay for college education expenses. It is available through the federal Direct Loan Program -Interest rate is fixed at 7.9% -Amount awarded depends on the college's cost of attendance, minus any other financial aid received -Funds are provided through the college to pay for the student's tuition, foods, and room and board. Money left over is sent to the paren who is borrowing. -Borrower can begin to pay back the loan 60 days after the loan is fully disbursed or 6 months after the borrower's child is no longer enrolled in school

Direct Stafford Loan

A student loan that is guaranteed by the US gov. and has a fixed interest rate lower than private loans. The loan can be either subsidized or unsubsidized, and there are strict eligibility requirements and borrowing limits. Repayment begins at the end of the sis-month grace period after the student leaves school

FAFSA

Application required by federal gov. for calculating need-based financial aid. Can be obtained from high school guidance counselors, college financial aid offices, and internet.

Grant

Financial award that's usually dispensed by the financial aid office of a college or university. Most grants are need-based but most are merit-based

Federal Pell Grant

Provided to students who demonstrate financial need. Known as the foundation of federal financial aid

Scholarship

Sum of money that's used to help pay for educational expenses and is awarded to the student based on academic merit. Student is not required to repay money

Loan default

Failure to pay back loan

Cost of attendance

Total cost of attending college, including tuition, fees, books, room and board, food, personal costs and transportation

National SMART Grant

available to third and fourth year college students who are majoring in physical, life, or computer sciences; mathematics, tech, engineering, or a critical foreign language; or non major single liberal arts programs

Subject-specific

awarded based on a student's intended major. These are offered by companies, organizations, and agencies to ensure there is a good range of potential employees entering their field

Student-specific

awarded based on a student's personal characteristics, such as race, ethnicity, gender, and family background