Student Aid Program Summary

Student Aid Program Summary

Most federal student aid is need-based, taking into account an expected family contribution (EFC). Need-based financial aid comes in three basic types:

Grants and scholarships, which are considered gift aid and generally don't have to be paid back (sometimes a repayment is required if a student withdraws);
Work-study, which is money that you earn by working part-time while in school; and
Loans, which are funds that you (or your parent) borrow and must be paid back, usually after you leave school.

The following chart details the main federal student aid programs administered by the U.S. Department of Education. Not all schools participate in all of the programs listed.

Program	Description	Application	Annual/Aggregate Amounts	Eligibility*	Repayment Required
Federal Pell Grant	Grant program (Portable)	FAFSA required annually	Annual minimum and maximum vary $400 minimum for 2007-08 $4,310 maximum for 2007-08 No aggregate limit	Undergraduate students without first baccalaureate or professional degree Certain students enrolled in a post-baccalaureate teaching certification program Based on need	No
Academic Competitiveness Grant (ACG)	Grant program (Portable)	FAFSA required annually	$750 first year students $1300 second year students	Federal Pell Grant recipient U.S. citizen Completed a rigorous secondary program of study Enrolled full time 3.0 GPA (for second year) Completed secondary school after January 1, 2006, for first year students and after January 1, 2005, for second year students	No

Program

Description

Application

Annual/Aggregate Amounts

Eligibility*

Repayment Required

Federal Pell Grant

Grant program

(Portable)

FAFSA required annually

Annual minimum and maximum vary
$400 minimum for 2007-08
$4,310 maximum for 2007-08
No aggregate limit

Undergraduate students without first baccalaureate or professional degree
Certain students enrolled in a post-baccalaureate teaching certification program
Based on need

Academic Competitiveness Grant (ACG)

Grant

program

(Portable)

FAFSA

required

annually

$750 first year students
$1300 second year students

Federal Pell Grant recipient
U.S. citizen
Completed a rigorous secondary program of study
Enrolled full time
3.0 GPA (for second year)
Completed secondary school after January 1, 2006, for first year students and after January 1, 2005, for second year students

Program	Description	Application	Annual/Aggregate Amounts	Eligibility*	Repayment Required
National Science and Mathematics Access to Retain Talent (SMART) Grant	Grant Program (Portable)	FAFSA required annually	$4,000 for each of the third and fourth years of an academic program	Federal Pell Grant recipient U.S. citizen Pursue an eligible major*** 3.0 GPA Enroll full time	No
Federal Supplemental Educational Opportunity Grant (FSEOG)	Campus-based grant program; funds awarded by institution	FAFSA required annually	$100 annual minimum $4,000 annual maximum (students on approved study abroad programs may receive up to $4,400) No aggregate limit	Undergraduate students without baccalaureate or professional degree First priority given to Federal Pell Grant recipients with “exceptional financial need” (defined by law)	No
Federal Work-Study (FWS)	Campus-based employment program; funds awarded by institution	FAFSA required annually	No minimum or maximum Award amount is dictated by school policy	Undergraduate and graduate students Based on need	No
Federal Perkins Loan	Campus-based loan program; funds awarded by institution; 5% interest	FAFSA required annually; Master Promissory Note (MPN)	$4,000/year undergraduates $6,000/year graduate students $8,000 aggregate limit for students who have not yet completed 2 years of undergraduate program $20,000 undergraduate aggregate limit $40,000 combined undergraduate and graduate aggregate limit Study Abroad: Annual and aggregates exceeding above noted amounts by as much as 20%	Undergraduate and graduate students First priority given to students with exceptional need (defined by school) Must first have determination of eligibility/ineligibility for Federal Pell Grant	Yes; begins 9 months after cessation of at least half-time enrollment; deferment and cancellation provisions available

Program

Description

Application

Annual/Aggregate Amounts

Eligibility

Repayment

Required

Federal Family Education Loan (FFEL)/Federal Direct Student Loan (Direct Loan)—Subsidized and Unsubsidized Stafford Loans**

FFEL funds from private lenders; Direct Loan funds from federal government; 6.8% fixed interest rate

FAFSA required annually; MPN obtained from FFEL school or lender or from Direct Loan school

$2,625/year for students enrolled in preparatory coursework for enrollment in an undergraduate program*
$3,500 1st year undergraduates
$4,500 2nd year undergraduates
$5,500 each remaining undergraduate year
Annual limits prorated for programs and remaining periods of enrollment less than an academic year
$8,500/year for graduate and professional students
$23,000 undergraduate aggregate limit
$65,500 combined undergraduate and graduate aggregate limit

Undergraduate and graduate students enrolled at least half-time
Must first have determination of eligibility/ineligibility for Federal Pell Grant
Must determine eligibility for subsidized Stafford Loan before determining eligibility for unsubsidized Stafford Loan
Interest subsidy based on need
Unsubsidized funds may be used to replace EFC

Yes; begins 6 months after cessation of at least half-time enrollment; deferment possible; no interest subsidy on unsubsidized loan

FFEL/Direct Loan—Additional Unsubsidized Stafford Loan**

Same as subsidized Stafford Loan

FAFSA required annually; MPN obtained from FFEL school or lender or from Direct Loan school

$4,000/year 1st and 2nd year undergraduates
$5,000 each remaining undergraduate year
$7,000/ year for students enrolled in preparatory coursework for enrollment in a graduate or professional program*
Annual limits prorated for programs or remaining periods of enrollment less than an academic year
$12,000/year for graduate and professional students
$46,000 undergraduate aggregate limit, less subsidized amounts borrowed
$138,500 combined undergraduate and graduate aggregate limit, less subsidized amounts borrowed

Independent students
Graduate/professional students
Dependent students whose parents are unable to borrow PLUS
Must have determination of eligibility/ineligibility for Federal Pell Grant
Must determine eligibility for subsidized Stafford Loan before determining eligibility for additional unsubsidized Stafford Loan
May be used to replace EFC

Yes; same as subsidized Stafford Loan

Program

Description

Application

Annual/Aggregate Amounts

Eligibility*

Repayment

Required

FFEL/Direct PLUS**

FFEL funds from private lenders; Direct Loan funds from federal government; 8.5% fixed interest rate for FFEL PLUS and 7.9% fixed interest rate for Direct Loan PLUS

Some schools may require FAFSA; PLUS MPN obtained from FFEL school or lender or from Direct Loan school

No annual or aggregate amounts, except parent or graduate/professional student may not borrow more than difference between cost of attendance and other financial assistance student expects to received

Natural and adoptive parents (and stepparents if included on FAFSA) of eligible dependent undergraduates enrolled at least half time and graduate/professional students
No adverse credit history
Must not be in default on a federal loan
Must be a U.S. citizen or eligible noncitizen
May be used to replace EFC

Yes; begins 60 days after fully disbursed

* In addition to General Student Eligibility Requirements

** As determined by the U.S. Department of Education in the fields of physical, life or computer sciences, mathematics, technology, engineering, or a critical foreign language

***School usually participates in either FFEL or Direct Loan Program; loan terms are similar under both programs

* FFEL/Direct Loan eligibility is limited to one 12 month period for student enrolled in preparatory coursework.