Federal Assistance and Student Financial Aid
Explanation
The Office of Federal Student Aid offers assistance as low-cost federal student loan programs, grants and work-study jobs. There are programs for undergraduates and graduate students at two and four year colleges in addition to trade and vocational schools, both public and personal. Eligibility for different programs is based on monetary need and/or merit. You can apply for all federal assistance for students by completing the internet Free Application for Federal Student Aid, or FAFSA. The info you provide will be processed and sent towards the schools you designate. Each school's financial aid office will determine if you're eligible for aid and how much you might receive. Some schools don't participate in all from the federal student loan programs, so check with your school's educational funding office to see what they offer.
Grants
Unlike student education loans, you don't have to pay back grant cash. The basic federal educational grant is the Pell, that is available to undergraduates with financial need. Postgraduate students working toward teaching certification could also qualify. The maximum Pell grant is $5, 550 each year, as of the 2011-12 academic year. If you're awarded a Pell grant, you may also be eligible for a a merit-based American Competitiveness Grant or SMART give, or a need based Supplemental Educational Opportunity Give. Finally, TEACH grants of $4, 000 per year are available to students planning to pursue careers in primary or even secondary education. To qualify, you must maintain the 3. 25 grade point average (out associated with 4. 0) or the equivalent and accept work in a low-income school for four many years within eight years of graduation.
Student Loans
The Stafford Loan program is one of many offered by Federal Student Aid. Stafford loans are available to undergraduates and graduate students whose FAFSA applications show financial need. Loans may be either subsidized or even unsubsidized. You do not have to start repaying the loans until 6 months after you leave school. Interest on subsidized Stafford loans is paid through the government until you start repayment. You are charged interest on unsubsidized Stafford loans which you can payg or it will be added to the balance from the loan. Award amounts vary depending on your financial situation and how long you will be in school.
Work Study
Federally-funded student jobs are a well known form of student aid. If you qualify, Federal Student Aid awards a specific amount of cash your school uses to pay you for the part-time job. The total amount you may earn is restricted to the award amount. You are paid for a price equal to or greater than the federal minimal wage. Work study jobs also have other benefits. Your work hours will be scheduled around your own classes. Your job can be in the field you're studying if a position is available.
