Types of Federal Aid

Always check the college you plan to attend for participation in the programs listed below.

Federal Pell Grant

Grant: does not have to be repaid
Available almost exclusively to undergraduates; all eligible students will receive the Federal Pell Grant amount they qualify for.
The maximum for the 2009-2010 year is $5,350 and for the 2010-2011 year the maximum is $5550.

Federal Supplemental Educational Opportunity Grant (FSEOG)

Grant: does not have to be repaid
For undergraduates with exceptional financial need; priority is given to Federal Pell Grant recipients; funds depend on availability at school.
$100 to $4,000 maximum annual award

Academic Competitiveness Grant (ACG)

You may be eligible for a student aid grant program called the Academic Competitiveness Grant (ACG). During an eligible student’s first academic year, the maximum ACG is $750; the maximum ACG for a student’s second academic year is $1,300.

To receive an ACG during the 2009-2010 or the 2010-2011 school year, you must:

• Be a U.S. citizen or eligible noncitizen;
• Be Federal Pell Grant eligible;
• Be enrolled at least half-time in a degree program;
• Be enrolled in the first or second academic year of your program of study at a two-year or four-year degree-granting institution, or enrolled in a certificate program of studies of at least one year (for first year eligibility) or two years (for second year eligibility);
• Have completed a rigorous high school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second-year student);
• Not have been previously enrolled in an undergraduate program (if you are a first-year student); and
• Have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year (if you are a second-year student).

National Science and Mathematics Access to Retain Talent Grant (National SMART Grant)

Another student aid grant program you may be eligible for in your third, fourth and fifth (for programs requiring five years - 2009-2010 only) academic years of undergraduate study is called the National Science and Mathematics Access to Retain Talent Grant (National SMART Grant). If eligible, you may receive up to $4,000 per year.

To receive a National SMART Grant during the 2009-2010 or the 2010-2011 school year, you must:

• Be a U.S. citizen or eligible noncitizen;
• Be Federal Pell Grant eligible;
• Be enrolled at least half-time pursuing a major in physical, life or computer sciences, mathematics, technology, engineering or a critical foreign language, or enrolled in an institution that offers a single baccalaureate-level liberal arts curriculum that permits no subject area major, but are taking coursework in an area equivalent to a SMART-eligible major at other bachelor degree-granting institutions; and
• Have at least a cumulative 3.0 grade point average on a 4.0 scale.

Federal Work-Study (FWS)

Money is earned while attending school; does not have to be repaid for undergraduate and graduate students; jobs can be on campus or off campus; students are paid at least federal minimum wage.
No annual minimum or maximum award amounts

Federal Perkins

Loan: must be repaid
Interest charged on this loan is 5.0% for both undergraduate and graduate students; payment is owed to the school that made the loan.
$5,500 maximum annual award for undergraduate students; $8,000 maximum annual award for graduate and professional degree students; no minimum award amount

Subsidized Direct or FFEL Stafford

Loan: must be repaid
Subsidized: The Federal government pays interest of 5.6% for undergraduate students and 6.8% for graduate students while borrower is in school and during grace and deferment periods; you must be at least a half-time student and have financial need.
$3,500 to $8,500 maximum annual award, depending on grade level

Unsubsidized Direct or FFEL Stafford

Loan: must be repaid
Unsubsidized: Borrower is responsible for interest of 6.8% for both undergraduate and graduate students during life of the loan; you must be at least a half-time student; financial need is not a requirement.
$9,500 to $20,500 maximum annual award (less any subsidized amounts received for the same period), depending on grade level and dependency status

Direct or FFEL PLUS /Graduate PLUS Loan

Most student financial aid comes from the federal government programs you’ll read about here. The U.S. Department of Education’s office of Federal Student Aid administers these programs. Applying for federal student aid is FREE; that’s why our application is called the Free Application for Federal Student Aid.

Teacher Education Assistance for College and Higher Education (TEACH) Grant Program

Grant: Does not have to be repaid as long as the Agreement to Serve is fulfilled.
The TEACH grant provides $4000 annual grants to students who plan to become teachers. Candidates must agree to serve as full-time teachers at certain schools and within certain high-need fields for at least four academic years. The candidate must fulfill the obligation within eight years of completing the course of study for which a grant was received. If the TEACH grant recipient does not carry out that obligation, the TEACH grant funds received convert to a Direct Unsubsidized loan that must be repaid with interest accrued as of the date of disbursement of the grant. An Undergraduate may receive $4000 per year for 4 years, max $16000. A graduate student may receive $4000 per year for 2 years, max $8000.