Side-by-Side Comparison of All Federal Student Aid (Loans & Grants) Program

"Side-by-Side Comparison of All Federal Student Aid (Loans & Grants) Program" submitted by SchoolGrantsfor Editorial Team and last updated on Monday 9th January 2012

Table of Contents
Program Type of Aid How to apply Program Details Eligibility is based on and Monthly Loan/Grant Repayment Schedule and Duration Annual Award Amount
Federal Pell Grant Grant: does not have to be repaid FAFSA Available almost exclusively to undergraduates; student may receive up to two consecutive maximum awards in a year if attending school year-round The Pell Grants stand separately and uniquely from such federal student loans as the Stafford, Perkins and PLUS loans because they do not require repayment. However if you drop out or withdraw from all your classes before you have completed at least 60% of the semester, the College must determine what portion of your federal awards you are entitled to receive according to federal regulations. More details: Pell Grant in case of drop out or withdraw from school/college 2010–11: $609–$5,550
Federal Supplemental Educational Opportunity Grant (FSEOG) Grant: does not have to be repaid FAFSA ### For undergraduates with exceptional financial need; Federal Pell Grant recipients take priority; funds depend on availability at school. Not all schools participate in the FSEOG Program. FSEOG, priority is given to Pell Grant recipients; Whether attending full or part time, non-Pell recipients can receive awards if the institution has sufficient funds. FSEOG awards are granted as a supplement to entitlement grants, and no grant repayment is required. $100–$4,000
Academic Competitiveness Grant (ACG) Grant: does not have to be repaid FAFSA For Pell-eligible students enrolled at least half-time in their fi rst or second year of study or in a certificate program of at least one year at a degree-granting school The ACG is for undergraduate students. To receive an ACG Grant, you must first be eligible to receive a Federal Pell Grant and amount depends on your financial need and other criteria. File the FAFSA by the final FAFSA deadline (the OSFA recommends you file by the March 1st KU priority date to be. Generally, no repayment. For a list of recognized rigorous programs of secondary school study in your state visit www.ed.gov/admins/finaid/about/ ac-smart/state-programs.html.  
1st year: must have completed a rigorous secondary school program of study; graduated from high school after Jan. 1, 2006; not have been enrolled in an ACG-eligible program while at or below age of compulsory school attendance 1st year: Up to $750 and up to $1,300 for second-year students.
2nd year: must have completed a rigorous secondary school program of study; graduated from high school after Jan. 1, 2005; have at least 3.0 cumulative GPA at the end of first year of postsecondary study 2nd year: Up to $1,300
National Science and Mathematics Access to Retain Talent Grant (National SMART Grant) Grant: does not have to be repaid FAFSA The National SMART Grant is for undergraduate students must be Pell Grant-eligible during the same award year. For Pell-eligible students enrolled at least half-time in third or fourth year (or fifth year of a five year program) majoring in certain subject areas with at least a 3.0 cumulative GPA You must be completing or plan to complete course work needed to begin a career in teaching. If you do not complete your teaching service obligation, the amounts of the TEACH Grants you received will be converted to a Direct Unsubsidized Loan that you must repay with interest charged from the date of each TEACH Grant disbursement. For detailed information on this grant, visit www.teachgrant.ed.gov Up to $4,000 a year
Teacher Education Assistance for College and Higher Education (TEACH) Grant Grant: does not have to be repaid unless you fail to carry out the service obligation, in which case you must repay TEACH Grant as a Direct Unsubsidized Loan with interest accrued from the date the grant was disbursed FAFSA For undergraduate, postbaccalaureate, and graduate students who are taking or will be taking course work necessary to become an elementary or secondary school teacher; recipient must sign an Agreement to Serve* promising to teach full-time in a high-need field for four complete academic years (within eight years of completing academic program for which the TEACH Grant was received) at a low income elementary or secondary school or educational service agency If you do not complete your teaching service obligation, the amounts of the TEACH Grants you received will be converted to a Direct Unsubsidized Loan that you must repay with interest charged from the date of each TEACH Grant disbursement. For detailed information on this grant, visit www.teachgrant.ed.gov Up to $4,000 a year. Undergraduate students: total amount may not exceed $16,000. Graduate student: total amount may not exceed $8,000
Iraq and Afghanistan Service Grant Grant: does not have to be repaid FAFSA For students who are not Pell-eligible; whose parent or guardian died as a result of military service in Iraq or Afghanistan after Sept. 11, 2001; and who, at the time of the parent's or guardian's death, were less than 24 years old or were enrolled at least part-time at an institution of higher education Maximum is same as Pell maximum; payment adjusted for less-than-full-time study You must be at least a part-time student at the time of your parent’s or guardian’s death. If you are eligible to receive a Pell Grant, it will be determined that you have a zero EFC which can increase your eligibility for all federal student aid programs and maximize your Pell amount. If you are not eligible to receive a Pell Grant you will be eligible to receive this non-need-based grant; however, your EFC will not be changed and therefore neither will your eligibility for any need-based federal student aid. Maximum is same as Pell maximum; payment adjusted for less-than-full-time study
Federal Work-Study (FWS) Money earned while attending school; does not have to be repaid The U.S. Department of Education’s office of Federal Student Aid Information Center, Tel: (800) 433-3243 or (800) 4FED-AID ### For undergraduate and graduate students; jobs can be on campus or off campus; students are paid at least federal minimum wage Provides part-time employment while you are enrolled in school. If you work on campus, you’ll usually work for your school. If you work off campus, your employer will usually be a private nonprofit organization or a public agency, and the work performed must be in the public interest. This type of job must be relevant to your course of study (to the maximum extent possible). If you attend a career school, there might be further restrictions on the jobs you can be assigned. No annual minimum or maximum amounts
Federal Perkins Loan Loan: must be repaid ### *** For undergraduate and graduate students; must be repaid to school that made the loan; interest 5% The grace period is nine months. However, if you’re attending less than half-time, check with your financial aid office to determine your grace period. During the grace period, you don’t have to pay any principal, and you won’t be charged interest. You’ll make monthly payments to the school that loaned you the money. You’ll have up to 10 years to repay your loan. Federal Perkins Loans do not have different repayment plan options. Undergraduate students: up to $5,500; graduate and professional students: up to $8,000
Subsidized Direct * or FFEL ** Stafford Loan Loan must be repaid *** Subsidized: The U.S. Department of Education pays interest while the borrower is in school and during grace and deferment periods; student must be attending at least half-time and have financial need; fixed interest rate of 5.6% for loans made to undergraduates with the fi rst disbursement date between July 1, 2009 and June 30, 2010; fixed rate of 6.8% is set for loans made to graduate students The grace period is six months. During the grace period, you don’t have to pay any principal, and you won’t be charged interest. Your repayment period varies from 10 to 25 years, depending on which repayment plan you choose. Direct or FFEL Stafford Loan usually, you’ll make monthly payments and your monthly repayment amount will depend on: the size of your debt; the length of your repayment period; and the repayment plan you choose. FFEL Stafford Loan will repay the private lender that made you the loan. Direct Stafford Loan will make payments to us through our Direct Loan Servicing Center. Direct Loan borrowers can view and pay their bills online using their PIN at: www.dl.ed.gov $3,500–$8,500, depending on grade level
Unsubsidized Direct * or FFEL ** Stafford Loan Loan: must be repaid *** Unsubsidized: The borrower is responsible for all interest; must be at least half-time; financial need not required; fixed interest rate of 6.8% for new borrowers The grace period is six months. You don’t have to pay any principal, but you will be charged interest. Remember, you can either pay the interest as you go along or it will be capitalized (i.e., added to the principal loan balance) later. Your repayment period varies from 10 to 25 years, depending on which repayment plan you choose. Your repayment period varies from 10 to 25 years, depending on which repayment plan you choose. Direct or FFEL Stafford Loan usually, you’ll make monthly payments and your monthly repayment amount will depend on: the size of your debt; the length of your repayment period; and the repayment plan you choose. FFEL Stafford Loan will repay the private lender that made you the loan. Direct Stafford Loan will make payments to us through our Direct Loan Servicing Center. Direct Loan borrowers can view and pay their bills online using their PIN at: www.dl.ed.gov $5,500–$20,500 (less any subsidized amounts received for same period), depending on grade level and dependency status
Direct * or FFEL ** PLUS Loan Loan: must be repaid *** For parents of dependent undergraduate students and for graduate and professional students; students must be enrolled at least half-time; financial need not required Borrower must not have adverse credit history PLUS Loans are unsubsidized, the borrower is responsible for all interest; fixed interest rate is 8.5% for FFEL PLUS Loans and 7.9% for Direct PLUS Loans The repayment period for a PLUS loan begins on the date the loan is fully disbursed as there is no grace period. However, graduate and professional student PLUS borrowers may defer repayment while they are enrolled in school at least half-time* and (for PLUS loans first disbursed on or after July 1, 2008) for six months after they cease to be enrolled at least half-time. Parent PLUS borrowers whose loans were first disbursed on or after July 1, 2008, may defer repayment while the dependent student for whom they borrowed is enrolled at least half-time and for six months after the student ceases to be enrolled at least half-time. Interest is charged on PLUS loans during all periods, beginning on the date of the first loan disbursement. A PLUS borrower may pay the interest as it accrues during a deferment, or allow it to accrue and be capitalized at the end of the deferment period. Maximum amount is cost of attendance minus any other financial aid student receives; no minimum amount

Sign Denotes:

### The Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work-Study (FWS), and Federal Perkins Loan programs are called campus-based programs because they're administered directly by the financial aid office at each participating school.
*** Federal Perkins Loans, Stafford Loans (Direct or FFELSM), PLUS Loans (Direct or FFEL) and Consolidation Loans (Direct or FFEL) are made through one of two U.S. Department of Education programs: 1. William D. Ford Federal Direct Loan (Direct Loan) Program and 2. Federal Family Education Loan (FFEL) Program. For federal student aid programs visit www.FederalStudentAid.ed.gov. This site provides comprehensive, FREE information on the student aid process, and other student aid-related information. Call our Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).

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Grant Recipient Check

Where can I find out whether a given Board Member's or his/her son received any grants for school and/or medical school going back up to 10 years ago?

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