Federal Student Aid Summary
Federal student aid is financial help if you’re enrolled in an eligible program at a school participating in our federal student aid programs. (By “school,” we mean a four-year or two-year public or private educational institution, a career school, or a trade school.) Aid covers school expenses, including tuition and fees, room and board, books and supplies, and transportation. Most federal aid is need-based. The three most common types of aid are grants, loans, and work-study.
GRANTS - Grants, unlike loans, do not have to be repaid. Click the links below to learn more about grant programs available for eligible students pursuing a postsecondary education.
WORK-STUDY - Lets students earn money while enrolled in school to help pay for education expenses.
LOANS - Borrowed money that must be repaid with interest. Both undergraduate and graduate students may borrow money. Parents may also borrow to pay education expenses for dependent undergraduate students. Maximum loan amounts depend on the student’s year in school.
Federal Stafford Loans: Stafford Loans are for undergraduate, graduate and professional students. You must be enrolled as at least a half-time student to be eligible for a Stafford Loan. Financial need is not a requirement to obtain a Stafford Loan. However, if you demonstrate financial need, the U.S. Department of Education will pay the interest that accrues on this loan during certain periods. These loans are made through one of two U.S. Department of Education programs:
- William D. Ford Federal Direct Loan (Direct Loan) Program: Eligible students and parents borrow directly from the federal government at participating schools. Direct Loans consist of Direct Stafford Loans, Direct PLUS Loans, and Direct Consolidation Loans.
- Federal Family Education Loan (FFEL) Program: Private lenders provide federally guaranteed funds. FFELs consist of FFEL Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans.
Federal Perkins Loans are:
- Made through participating schools to undergraduate, graduate and professional students.
- Offered by participating schools to students who demonstrate the greatest financial need (Federal Pell Grant recipients get top priority).
- Made to students enrolled full-time or part-time.
- Repaid by you to your school.
Who gets Federal Student Aid?
Some of the requirements to receive aid from the U.S. Department of Education’s FSA programs are that you must:
- be a U.S. citizen or eligible noncitizen with a valid Social Security Number;
- have a high school diploma or a General Education Development (GED) certificate or pass an approved ability-to-benefit (ATB) test;
- enroll in an eligible program as a regular student seeking a degree or certificate; and register (or have registered) with the Selective Service if you’re a male between 18 and 25.
How do you apply for Federal Student Aid?
1. Complete the Free Application for Federal Student Aid (FAFSA). A FAFSA may be submitted either online or by completing the paper form. Visit FAFSA on the Web to find the current deadline for applying. The deadlines for your state or schools may be different from the federal deadlines and you may be required to complete additional forms. Apply as early as you can; you don’t want to miss out on other aid!
2. Review your Student Aid Report (SAR). One to four weeks after you submit your FAFSA, we’ll send you a SAR (or a SAR Information Acknowledgement if you applied via the Internet). The SAR confirms the information reported on your FAFSA and will list your Expected Family Contribution (EFC. The EFC is an index of need that your financial aid administrator will use to determine the amount of federal student aid you qualify for.
3. Contact the school(s) you may attend. Talk with the financial aid administrators at the schools you’re interested in attending. They’ll review your SAR and prepare a letter outlining the amount of aid (from all sources) that their schools will offer you.
