Federal Financial Aid
The federal government offers several types of financial aid for students. There are three categories of federal financial aid: Grants, Work-Study and Loans.
Federal grants are considered gift aid and typically do not need to be repaid. The most common types of federal grants are:
- Pell Grant
- Supplemental Educational Opportunity Grant (SEOG)
- Academic Competitiveness Grant (ACG)
- National SMART Grant
- TEACH Grant
Federal Work-Study is a program that provides part-time employment for students to work and earn funds either on or off-campus to help pay for college expenses. Funds are earned throughout the school year.
There are a variety of federal loan programs available to students and parents to help finance a college education. Loans must be repaid, usually with interest. As with any loan, you should never borrow more than you need to pay for your educational expenses.
The most common types of federal loans are:
- Federal Subsidized Stafford Loan
- Federal Unsubsidized Stafford Loan
- Federal Perkins Loan
- Federal PLUS Loan for Parents
- Federal PLUS Loan for Graduate Students