Student Loans
Other Types of Federal Financial Aid Programs
Federal Pell Grants of up to $4,000 were awarded last year to undergraduate students with the most need. Even if you are enrolled less than half-time, you may qualify for a Pell Grant.
Note: Most states have programs similar to the Federal Pell Grant. They provide grants (on a first-come, first-served basis) to students who live and attend school in a particular state.
Federal Supplemental Education Opportunity Grants (SEOG) are awarded much less frequently. Funds totaling as much as $4,000 per year are available to qualifying undergraduate students. In addition to financial need, awards also depend on the Federal SEOG funds available at your school. The amount of other financial aid you receive is also a factor.
Note: Institutional grant and scholarship programs are available through many colleges. Funds are limited, so you should apply early for these awards.
Federal Work-Study (FWS) lets eligible students earn a specified amount of money to help with educational or personal expenses. Jobs pay minimum wage or more, and a variety of jobs are available. Full-time students generally work between 10 and 20 hours a week.
Federal Student Loans make up about 80% of all federal financial aid, so it is likely that one or more loans will be part of your aid package. Loans are borrowed and must be repaid. Because loans are so important for students today, there is a special section about them in this guide. Be sure to carefully read this special section. (See Federal Family Education Loan Program FFELP.)
