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The Guide for Federal Student Aid
| Federal Student Aid Program | Type of Aid | Program Details | Annual Award Limits |
|---|---|---|---|
|
Federal Pell Grant
Tuition Assistance Program (TAP) |
Grant: does not have to be repaid
Grant: does not have to be repaid |
Available almost exclusively to undergraduates; all eligible students will receive the Federal Pell Grant amount they qualify for. Available to NY state residents Apply at www.tapweb.org |
$5,550
$500 to $5000 |
| Federal Supplemental Educational Opportunity Grant (FSEOG) | Grant: does not have to be repaid |
For undergraduates with exceptional financial need; priority is given to Federal Pell Grant recipients; funds depend on availability at school. |
Awarded based on need and funds availabilty |
| Federal Work-Study (FWS) | Money is earned while attending school; does not have to be repaid |
For undergraduate and graduate students; jobs can be on campus or off campus; students are paid at least federal minimum wage. |
No annual minimum or maximum award amounts |
| Federal Perkins Loan | Loan: must be repaid |
Interest charged on this loan is 5 percent for both undergraduate and graduate students; payment is owed to the school that made the loan. |
Awarded based on need and funds availability |
| Federal Direct Subsidized Loan | Loan: must be repaid |
Subsidized: U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods; you must be at least a Half-time student and have financial need. |
$3,500 to $8,500, depending on grade level |
| Federal Direct Unsubsidized Loan | Loan: must be repaid |
Unsubsidized: Borrower is responsible for interest during life of the loan; you must be at least a Half-time student; fi nancial need is not a requirement. |
$3,500 to $20,500 (less any subsidized amounts received for the same period), depending on grade level and dependency status |
| Federal Direct PLUS Loan | Loan: must be repaid |
Available to parents of dependent undergraduate students and graduate and professional students enrolled at least Half-time. Financial need is not a requirement. A parent may request to defer payment of the PLUS loan until after graduation, but interest will continue to accrue.
Federal Direct PLUS Loans are unsubsidized: Borrower is responsible for interest during the life of the loan. |
Maximum amount is cost of attendance minus any other fi nancial aid the student receives; no minimum award amount |
For more information about loans, please visit www.studentloans.gov.