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MAJOR TYPES OF FEDERAL
FINANCIAL AID
Every academic year each student MUST COMPLETE the
Free Application for Federal Student Aid to determine eligibility for
any type of Federal financial aid described in this sheet.
Federal Pell Grant
A Federal Pell Grant is an award to help eligible undergraduates pay for their
education after high school. Federal Pell Grants provide the "foundation" of
financial aid packages. Aid from other Federal and non-Federal sources may
be added to the Federal Pell Grant to complete the package. The Pell Grant
does not have to be paid back.
Federal College Work Study
The Federal College Work Study program provides eligible undergraduates an
opportunity to work at an on-campus or community service job. Funding is limited.
FCWS helps you earn money for college expenses.
Subsidized Federal Stafford Loan
Subsidized Federal Stafford Loans are low-interest loans made to students attending
school at least half-time. Loans are made by a lender such as a bank, credit
union, or savings and loan association. These loans are insured by a state
guarantee agency and the Federal Government. Students who are continuously
enrolled at least half-time make no payments on the interest or the principal
of this loan. Payments begin six months after graduation (or enrollment is
terminated). This is a loan and it must be paid back.
Unsubsidized Federal Stafford Loan
This loan is available to students who might not be eligible for a subsidized
loan. The term unsubsidized means that payments on the interest should be made
while you are enrolled. Unlike subsidized Stafford loans, interest begins accumulating
immediately. This is a loan and it must be paid back.
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