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 DID YOU KNOW?

High school seniors in their last semester of school must fill out a FAFSA to determine eligiblility for financial aid

Federal Student Aid

 

There are three basic types of federal student aid: grants, loans, and work-study.

 

Grants do not have to be repaid. Sometimes they are referred to as gift aid. Generally, grants are for undergraduate students, and the grant amount is based on the student's financial need, as determined by the information reported on the FAFSA, cost of attendance, and enrollment status. There are six federal grants:

Loans are borrowed money that must be repaid with interest. Our loan programs allow undergraduate and graduate students to borrow money to cover their education expenses. Parents also may borrow to pay education expenses for dependent undergraduate students. Generally, loan amounts depend on the student's year in school, cost of attendance, and the amount of other aid received. Some loans are based on the student's financial need and others are not. There are five federal loans:


Stafford, PLUS, and Consolidation loans are made through the William D. Ford Federal Direct Loan (Direct Loan) Program. Through this program, students and parents borrow directly from the federal government at participating schools. (Note: Before July 1, 2010, Stafford, PLUS, and Consolidation Loans were also made by private lenders under the Federal Family Education Loan [FFELSM] Program.)

Work-study lets students earn money while enrolled in school to help pay for education expenses.

Note: Not all schools participate in all Federal Student Aid programs. Ask the financial aid administrator at your school about the programs that are available.

(Source: http://www.fafsa.ed.gov/ )

 

Financial Aid information at SPC


Financial Aid Finder
 is a website with information about applying for financial aid

 

Free Application for Federal Student Aid - FAFSA