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Grants, Loans, and Financial Aid |
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Federal Pell Grants
Provides eligible undergraduate students who have not earned a bachelor's degree
or a professional degree a grant that does not require repayment. A student
enrolled in a post-baccalaureate teacher certification program may also
qualify. http://www.ed.gov/programs/fpg/index.html
The Fulbright Program
The U.S. government's flagship program in international educational exchange
and offers a variety of programs. Fulbright grants are made to U.S. citizens
and nationals of other countries for a variety of educational activities,
primarily university lecturing, advanced research, graduate study and
teaching in elementary and secondary schools. http://exchanges.state.gov/education/fulbright/
Federal campus-based aid
These programs are called campus-based programs because they are administered
directly by financial aid offices at participating schools. Not all schools
participate in all three of the following programs:
- Federal Supplemental Educational Opportunity Grants: These grants
are available to undergraduate students with exceptional financial need.
Pell Grant recipients with the lowest Expected Family Contributions will
be the first to get FSEOGs. The amount may vary from $100 to $4,000 per
year depending on various factors. Like Pell Grants, FSEOGs do not have
to be repaid. http://www.ed.gov/programs/fseog/index.html
- Federal Work-Study: Provides part-time jobs for undergraduate
and graduate students with financial need. The program encourages community
service work and work related to the recipient's course of study. The
work may be performed on or off campus, usually for the school or for
a private nonprofit organization or a public agency. The work must be
in the public interest. http://www.ed.gov/programs/fws/index.html
- Federal Perkins Loans: Low-interest (5 percent) loans for both
undergraduate and graduate students with exceptional financial need. These
loans are made through a school's financial aid office. The school is
the lender, and the loan is made with government funds. The student must
repay the loan to the school. Maximum loan amount is $4,000 per year for
undergraduate and up to $6,000 per year for graduate students.http://www.ed.gov/programs/fpl/index.html
Stafford Loans
In addition to Perkins Loans, the Department of Education administers
the Federal Family Education Loan (FFEL) Program and the William D. Ford
Federal Direct Loan (Direct Loan) Program. The FFEL and Direct Loan programs
comprise what are generally known as Stafford Loans (for students) and
PLUS Loans (for parents). Schools usually participate in either the FFEL
program or the Direct Loan Program, but some schools participate in both
programs. Under the Direct Loan Program, funds for the loan come directly
from the Federal government. Under the FFEL Program, funds for the loan
come from a bank, credit union, or other lender that participate in the
program. The eligibility rules and loan amounts are identical under both
programs, but repayment plans differ somewhat. Maximum loan amount depends
on the student's year in school and whether the loan is a subsidized or
unsubsidized Direct or FFEL Stafford Loan. http://studentaid.ed.gov/students/publications/FYE/2003_2004/english/stafford-loans.htm
Federal Student Loan Repayment Program
Provides student loan repayment of up to $10,000 per year, per employee
or a total of $60,000 per employee overall. The program is limited to
loans made under the Higher Education Act of 1965 and the Public Service
Health Act, and limited to employees in the service of an agency for
at least three years. http://www.opm.gov/oca/PAY/StudentLoan/
Military.com
Provides valuable scholarships and grant information for the Military
community. This Internet site features a search browser (type of financial
aid desired, service affiliation, educational goal) and the search results
identify available internships, grants, loans, scholarships, etc. For
example:
- 25th Infantry Division Association Educational Memorial
Scholarship Award: Provides financial assistance for college to the
children of veterans and current members of the 25th Infantry
Division Association. Award amounts up to $1,500 are available.
http://www.25thida.com/associat.html#scholarships
Other sources of financial aid include the student's State government
and educational institution. Often the best source of information and
assistance will be the school's financial aid office. Information about
financial aid specific to individual states may also be obtained from
state grant and guaranty agencies.
Note: The Department of Education administers about 70 percent of all
financial aid for post-secondary education. The Federal Student Aid programs
administered by the Department of Education provide more than $60 billion
a year in grants, loans, and work-study assistance. Except for some loan
programs, student eligibility is based on financial need. Age is not a
factor, and aid is available for part-time as well as full-time attendance.
The Department of Education website (www.DOE.gov)
provides a wealth of information, to include various types of financial
aid, eligibility criteria, and application processes.
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