|Program||Program Details||Award Amounts
(subject to change)
|Federal Pell GrantGrant: Does not have to be repaid||Available almost exclusively to undergraduates||Up to $5,645Total amount may not exceed the equivalent of six years of Pell Grant funding|
|Federal Supplemental Educational Opportunity Grant (FSEOG)Grant: does not have to be repaid||For Undergraduates with exceptional financial need; Federal Pell Grant recipients take priority; funds depend on availability at school.||$100 – $4000|
|Federal Work-StudyMoney 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; funds depend on availability at school||no annual minimum or maximum amounts|
|Direct Subsidized LoansLoan: must be repaid with interestThe interest rate for new loans made on or after July 1, 2013 and before July 1, 2014 is 3.86%||For undergraduate students; U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods (if you receive a Direct Subsidized Loan that is first disbursed between July 1, 2012 and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period); student just be attending at least half-time and have financial need||$3500 – $5,500, depending on grad level
For a total lifetime limit, go to page StudentAid.gov/sub-unsub
|Direct Unsubsidized LoansLoan: must be repaid with interestThe interest rate for new loans made on or after July 1, 2013 and before July 1, 2014 is 3.86% (undergraduates) and 5.41% (graduate or professional students)||For undergraduate and graduate students; borrower is responsible for all interest student must be enrolled at least half-time; financial need is not required||$5,500 – $20,500 (less any subsidized amount received for the same period); depending on grade level and dependency statusFor a total lifetime limit, go to page StudentAid.gov/sub-unsub|
|Direct PLUS LoansLoan: must be repaid with interestThe interest rate for new loans made on or after July 1, 2013 and before July 1, 2014 is 6.41%||For parents of dependent undergraduate students and for graduate or professional students; student must be enrolled at least half-time; financial need is not requiredBorrower is responsible for all interest||Maximum amount is cost of attendance minus any other financial aid student receives|
U.S. Department of Education, Federal Student Aid, Customer Experience Office, Funding Your Education: The Guide to Federal Student Aid, Washington, D.C., 2013.
The following steps will help you keep track of what you need to do when applying for federal student aid.