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Grants & Student Loans

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 https://www.tap.hesc.ny.gov/totw/

              $5,645

 

        $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.