Federal Student Aid Programs
Federal student aid is financial assistance that’s available through the U.S. Department of Education’s Office of Federal Student Aid.
Federal student aid covers school expenses such as tuition and fees, room and board, books and supplies, and transportation. This aid can also help you pay for a computer and dependent childcare expenses.
There are three categories of federal student aid: grants, work-study and loans.
Important Note: Not all schools participate in all federal student aid programs. Check with your school’s financial aid office to find out which programs your school participates in.
TIP: You also might be able to get financial aid from your state government, your school, or a private scholarship. Explore every opportunity for financial aid!
What is a Federal Pell Grant?
What is an Academic Competitiveness Grant?
What is a National Science and Mathematics
Access to Retain Talent Grant?
What is a Teacher Education Assistance for College
and Higher Education Grant?
What is a Federal Stafford Loan?
What is a Federal PLUS Loan?
What are Campus-Based Programs?
What is a Federal Supplemental
Educational Opportunity Grant?
What is Federal Work-Study?
What is a Federal Perkins Loan?
With a few exceptions, Federal Pell Grants are available only to undergraduate students. Grants do not have to be repaid.
You may be eligible for a student aid grant program called the Academic Competitiveness Grant (ACG). During an eligible student´s first academic year, the maximum ACG is $750; the maximum ACG for a student’s second academic year is $1,300.
To receive an ACG, you must:
- Be a U.S. citizen or eligible noncitizen;
- Be Federal Pell Grant eligible;
- Be enrolled at least half-time in a degree program;
- Be enrolled in the first or second academic year of your program of study at a two-year or four-year degree-granting institution or enrolled in a certificate program of studies of at least one year (for first year eligibility) or two years (for second year eligibility);
- Have completed a rigorous high school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second-year student);
- Not have been previously enrolled in an undergraduate program (if you are a first-year student); and
- Have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year (if you are a second-year student).
Remember, you may contact your school’s financial aid office for assistance regarding ACG.
Another student aid grant program you may be eligible for in your third, fourth and fifth (for programs requiring five years) academic years of undergraduate study is called the National Science and Mathematics Access to Retain Talent Grant (National SMART Grant). If eligible, you may receive up to $4,000 per year.
To receive a National SMART Grant, you must:
- Be a U.S. citizen or eligible noncitizen;
- Be Federal Pell Grant eligible;
- Be enrolled at least half-time pursuing a major in physical, life or computer sciences, mathematics, technology, engineering or a critical foreign language, or enrolled in an institution that offers a single baccalaureate-level liberal arts curriculum that permits no subject area major, but are taking coursework in an area equivalent to a SMART-eligible major at other bachelor degree-granting institutions; and
- Have at least a cumulative 3.0 grade point average on a 4.0 scale.
Remember, you may contact your school’s financial aid office for assistance regarding the National SMART Grant.
A new student aid grant program for undergraduate, post-baccalaureate, or graduate students who intend to teach at least four years in a public or private elementary or secondary school that serves students from low-income families is called the Teacher Education Assistance for College and Higher Education Grant (TEACH Grant). If eligible, you may receive up to $4,000 per year.
To receive a TEACH Grant, you must:
- Attend a participating college;
- Meet certain academic achievement requirements; and
- Sign a TEACH Grant Agreement to Serve.
If the required teaching obligation is not completed, the grant must be repaid as a Direct Unsubsidized Stafford Loan.
Funds depend on availability at your college. Remember, you may contact your school's financial aid office for assistance regarding the TEACH Grant.
For more information, see the TEACH Grant Fact Sheet.
Federal Stafford Loans are student loans that must be repaid and are available to both undergraduate and graduate students. There are two types: Federal Direct Loan (Direct Loan) and Federal Family Education Loan (FFEL).
- If it is a subsidized Stafford loan (demonstrated need for the loan), you are not responsible for interest while attending at least half-time and the principle is deferred.
- If it is an unsubsidized Stafford loan (financial need was not demonstrated) the principle is still deferred but you are responsible for paying interest on the loan.
Federal PLUS Loans are available to parents of dependent undergraduate students who are enrolled at least half-time. The PLUS Loan is also available to graduate and professional degree students. Financial need is not a requirement.
PLUS Loans are unsubsidized: the borrower is responsible for interest that accrues during the life of the loan. Borrowers can request a loan for up to the full cost of attendance minus any other financial aid.
TIP: Graduate and professional students that borrow a PLUS Loan receive an automatic deferment while in school.
Campus-Based Programs are administered by participating schools. These programs include the Federal Supplemental Educational Opportunity Grant, Federal Work-Study, and the Federal Perkins Loan.
Federal Supplemental Educational Opportunity Grants are grants available for undergraduates with exceptional financial need. Awards range from $100-$4,000.
Federal Work-Study provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses.
Federal Perkins Loans are low-interest (5 percent) loans that must be repaid; the maximum annual loan amount is $4,000 for undergraduate students and $6,000 for graduate students.
TIP: You should be sure to find out which financial aid programs described above are available at each school you are interested in attending. Not all schools participate in all of the federal student aid programs.
