step5: Review Financial Aid Option

college and government aid programs

Your financial aid options include grants, scholarships, work-study, loans, state aid, community service, and other federal and private aid.

Let's review options that you may consider.

Below are four (4) quick summary tasks on Aid Step5:

Page Topics:

financial aid summary note

Federal Grants

Grants are generally awarded by federal and state governments for students in extreme financial need.

  • the grant is gift money that does not have to paid back. All federal grants require you to file the FAFSA form to determine eligibility. Grants are administered and disbursed by the schools.

There are four types of Federal Aid Grants:

  • PELL grant
  • Federal Supplemental Education Opportunity Grant (FSEOG)
  • Teacher Education Assistance (TEACH) Grant
  • Iraq and Afghanistan Service Grant
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financial aid summary note

Federal Work Study

Federal Work-Study Program offers work-study programs

  • for both undergraduate and graduate students where the student can work part-time on campus or in the community to earn money to help pay for education expenses.

Students are paid at the federal minimum wage (or more) on an hourly basis

  • the wage is dependent upon your skill set and work requirement. Graduate students may be paid hourly or by salary.
  • work assignments can be on-campus and off-campus work in public-related services. The amount of work is determined by your school and cannot exceed the Federal Work-Study award.
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financial aid summary note

College Scholarships

Scholarships are available from many private and educational institutions. This type of financial aid does not have to be paid back.

There are 3 categories of scholarships:

  • Institutional Scholarships:
    scholarships from the college to the student for achievement in athletic, academic, and extracurricular activities such as music, art and other.

    Many colleges likewise award scholarships for certain majors; i.e., academic achieved students majoring in mathematics. So complete a thorough research potential awards.
  • Private Scholarships:
    generally from employers, religious and ethnic affiliations.
  • Service Scholarships:
    national and community associations and the military . These scholarships are awarded in exchange for community or military service after your graduate.
summary aid note
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financial aid summary note

College Loans

Type of student loans that are available:

  • Perkins Loan:
    Low-interest (5% percent) federal student loans awarded to undergraduate and graduate students with exceptional financial need:
    see summary note
  • Stafford Student Loans:
    The most common form of self-help aid. These are loans made to students in undergraduate and graduate-level programs at low, fixed rates:
    see summary note
  • Parent PLUS Loans:
    are federal-sponsored loans for parents who have dependent students. Parents can borrow up to the full cost of education minus any financial aid awarded to the student:
    see summary note
  • Grad PLUS Loans:
    are federal-sponsored student loans for graduates and professional students. They can borrow up to the full cost of education (including travel) minus any financial aid received:
    see summary note
  • Private Student Loans:
    Many government programs and loans do not cover the full cost of education. So many students are turning to private student loans to make up the difference between total cost of school and any financial aid you may receive:
    see summary note
  • Home Equity Loans:
    Homeowners can use the equity value in their homes to pay for education. The equity line allows parents to draw upon funds as needed for tuition, books, fees, living expenses and other miscellaneous expenses:
    see summary note
  • Other Aid Options:
    Includes state aid, tax credits and loan forgiveness programs:
    see summary note