| Type
Program |
Program
Information |
Annual
Limits |
Requirements |
Federal
Grants
more information
|
2
types of Federal Grants:
- Federal Pell Grant
- Federal Supplemental Educational Opportunity
Grant (FSEOG)
These two grants are available to undergraduates
only. These grants do not have to be repaid.
|
Up
to $4,000 annually
|
Student
must file the FAFSA form.
see
FAFSA links
Grants awarded based on financial need.
School acts as the U.S. Department of Education's
agent. |
| Work-Study
Programs more
information |
Student
will work a set number of hours for the school
or approved public-service related company.
Money is earned: does not have to be repaid.
Undergraduates paid on a hourly basis. |
No
annual maximum |
Student
must file the FAFSA form.
see
FAFSA links
School disburses earned funds to students. |
| Federal
Perkins Loans more
information |
Loan:
must be repaid.
These are low-interest rate loans (5%) available
to students with exceptional financial
need.
The loan does not charge origination fees.
More information
available |
$4,000
for undergraduate students |
Student
must file the FAFSA form.
see
FAFSA links
Your school becomes the lender using funds shared
by the federal government.
You must repay this loan to your school. |
| State
Agencies link
to your individual state for information |
Individual
states offer financial aid programs for state
residents and in some cases out-of-state residents
attending in-state schools.
Financial aid may include grants, scholarships,
financial aid assistance, and some loan programs.
|
Financial
assistance may vary by state. |
Financial
aid qualifications can vary by individual state.
|
Federal
Stafford Loans
see
Stafford Loans
apply
now
or dial
1-800-320-1830
|
2
types of Federal Stafford Loans:
- subsidized loans:
the Federal Government pays interest while the
student is in school and during grace and deferment
periods.
- unsubsidized loans:
the borrower is responsible for interest during
the life of the loan.
the type of loans awarded depends
on financial status.
Loan funds will be sent to the school and disbursed
in at least two installments.
The funds will first be applied to pay tuition,
fees, room and board, and other school charges.
Any remaining funds must be used for paying education-related
expenses. |
$2,625
to $10,500, depending on grade level
see
loan chart |
Student
must file the FAFSA form.
see
FAFSA links
Loan restricted to education-related expenses
only.
Student must be enrolled at least half-time in
a degree or certificate program at an approved
school.
Direct Stafford Loans: The federal government provides
funds to schools.
FFEL Stafford Loans: private lenders provide funds
to schools to disburse to students. |
Private
Student Loans
see
Private Loans
apply
now
or dial
1-866-230-4578
|
Private
student loans are used to make up the difference
between total cost of school and any financial
aid received.
These loans are not guaranteed by the government
so the interest rate and origination costs may
be higher.
Loan amounts are not tied to any federal or college
limits — you can borrow as much as you need
up to the approved loan limit.
Funds can be used for any education-related expenses,
including a new personal computer for school use.
|
$1,500
to $30,000; the five-year maximum is $130,000 |
You
must have a satisfactory credit history.
Learn
about building your credit history at our affiliated
site
You must meet the credit guidelines for employment
and residency.
If you can't meet these guideline, you may request
your parent or other to co-sign for the loan.
Student must be enrolled at least half-time in
a degree or certificate program at an approved
school.
Funds disbursed directly to the student. |
Home
Equity Financing
see
alternative aid
apply
now
|
Private
loan program where the lender opens a credit line
on your behalf (or your parent), which credit
line is secured by the equity value of your or
your parent's home.
You will use equity line checks or online transfer
capabilities to pay for education or other expenses.
The line of credit can be used at any time and
for any expense up to your approved credit line
balance. |
No
annual limit restrictions.
Your amount is subject to your approved equity
line balance. |
You
must have equity value in your home.
Calculate
your equity value.
You must meet the lenders credit criteria and
credit check.
There is no limitation or restrictions on the
use of the funds. |
Alternative
Financing Options
see
alternative aid |
State529
Plans
Qualified investment plans that can be used to
pay education expenses. Contributions are after-tax,
but earnings in the fund are tax exempt.
Funds are available to any named beneficiary.
The beneficiary can be the contributor.
Two types of plans:
(view
our State529 Center)
- Prepaid College Tuition Plans
- College Savings Plan
Education IRAs
IRA plans that can be setup for education. Contributions
are after-tax, but earnings in the fund are tax
exempt.
The IRA can be used to pay for higher education
and K-12 education expenses. |
Limitations
subject to the available amount in the plan. |
Plan
must be setup in the name of the beneficiary.
Withdrawals are tax-exempt if the funds are used
to pay for education-related expenses.
Penalties may apply for payment of non-education
expenses.
view
plans |
IRA
Plans
More information from the IRS:
http://www.irs.gov |
You
can make withdrawals from your IRAs for qualified
higher education expenses without having to pay
the 10% penalty tax. |
Limitations
subject to the available amount in the plan. |
You
will owe income tax on at the amount withdrawn from
the plan. |
Scholarships
see
scholarship info
sample report: click
|
Scholarships
are available from many private and educational
institutions. This type of financial aid does
not have to be paid back.
The more common form of scholarships are athletic
and academic. However, there are a number of scholarships
awarded for other achievements.
|
Limits
subject to scholarship award and program. |
Scholarships
may require an essay, written exam, or some demonstration
/ document of your eligibility.
get
some help
Most scholarships (including athletic) will require
a minimum GPA.
Scholarship funds will be sent to the college
directly on your behalf. |
Other
Financial Aid |
See
other Financial Aid Options:
types of financial
aid options
|
|
|
chart
for: 
Financing
Notes
