Federal Program Summary

Federal Program Summary



Below is a table summarizing the Federal Student Aid programs. The information was provided by NASFAA as part of a handout for Financial Aid Nights.

Program Description Application Annual/Aggregate Amounts Eligibility* Repayment
Required
 
Federal Pell Grant Grant program (portable) FAFSA
required
annually
  • Annual minimum and maximum vary
  • $400 minimum for 2006-07
  • $4,050 maximum for 2006-07
  • No aggregate limit
  • Undergraduate students without first baccalaureate or professional degree
  • Certain students enrolled in post baccalaureate teaching certification program
  • Based on need
  • No  
    Academic Competitiveness Grant (ACG) Grant Program (Portable) FAFSA
    Required
    Annually
  • $750 first year students
  • $1300 second year students
  • Federal Pell grant recipient
  • U.S. Citizen
  • Completed a rigorous secondary program of study
  • Enrolled full time
  • 3.0 GPA (for second year)
  • Completed secondary school after January 1, 2006, for first year students and after January 1, 2005 for second year students
  • NO  
    National Science and Mathematics Access to Retain Talent (SMART) Grant Grant Program (portable) FAFSA
    Required
    Annually
  • $4,000 for each of the third and fourth years of an academic program
  • Federal Pell Grant recipient
  • U.S. citizen
  • Pursue an eligible major**
  • 3.0 GPA
  • Enroll full time
  • No  
    Federal Supplemental Educational Opportunity Grant (FSEOG) Campus-based grant program; funds awarded by institution FAFSA
    Required
    Annually
  • $100 annual minimum
  • $4,000 annual maximum (students on approved study abroad programs may receive up to $4,400)
  • No aggregate limit
  • Undergraduate students without baccalaureate or professional degree
  • First priority given to Federal Pell Grant recipients with "exceptional financial need" (defined by law)
  • No  
    Federal Work-Study (FWS) Campus-based employment program; funds awarded by institution FAFSA
    Required
    Annually
  • No minimum or maximum
  • Award amount is dictated by school policy
  • Undergraduate and graduate students
  • Based on need
  • No  
    Federal Perkins Loan Campus-based loan program; funds awarded by institution; 5% interest FAFSA
    Required Annually;
    Maspter Prmissory
    Note (MPN)
  • $4,000/year undergraduates
  • $6,000/year graduate students
  • $8,000 aggregate limit for students who have not yet completed 2 years of undergraduate program
  • $20,000 undergraduate aggregate limit
  • $40,000 combined undergraduate and graduate aggregate limit
  • Study Abroad: Annual and aggregates exceeding above noted amounts by as much as %20
  • Undergraduate and graduate students
  • First priority given to students with exceptional need (defined by school)
  • Must first have determination of eligibility/ineligibility for Federal Pell Grant
  • Yes; begins
    9 month
    s after
    cessation of at
    least half-time enrollment;
    deferment and cancellation
    provisions
    available
     
    Federal Family Education Loan (FFEL)/Federal Direct student Loan (Direct Loan) - Subsidized and Unsubsidized Stafford Loans ** FAFSA Required annually; MPN obtained from FFEL school or lender or from Direct Loan School
  • $3,500 1st
    year undergraduates
  • $4,500 2nd
    year undergraduates
  • $5,500 each remaining undergraduate
    year
  • Annual limits prorated for programs and remaining
    periods of enrollment less than an
    academic year
  • $8,500/year
    for graduate and professional students
  • $23,000 undergraduate aggregate limit
  • $65,500 combined undergraduate
    and graduate
    aggregate limit
  • Undergraduate and graduate students enrolled at least half-time
  • Must first have determination of eligibility/ineligibility for Federal Pell Grant
  • Must determine eligibility for subsidized Stafford Loan before determining eligibility for unsubsidized Stafford Loan
  • Interest subsidy based on need
  • Unsubsidized funds may be used to replace EFC
  • Yes; begins 6 months after cessation of at least half-time enrollment; deferment possible; no interest subsidy on unsubsidized loan    
    FFEL/Direct Loan - Additional Unsubsidized Stafford Loan ** Same as subsidized Stafford Loan FFEL funds
    from private
    lenders; Direct Loan funds
    from federal government;
    6.8% fixed
    interest rate
    FAFSA required annually; MPN obtained from FFEL school or lender or from Direct Loan school
  • $4,000/year 1st and 2nd year undergraduates
  • $5,000 each remaining undergraduate year
  • Annual limits prorated for programs or remaining periods of enrollment less than an academic year
  • $12,000/year for graduate and professional students
  • $46,000 undergraduate aggregate limit, less subsidized amounts borrowed
  • $138,500 combined undergraduate and graduate aggregate limit, less subsidized amounts borrowed
  • Independent
    students
  • Graduate
    /professional
    students
  • Depdendent
    students whose
  • parents are
    unable to borrow
  • PLUS
  • Must have determination of eligibility
    /ineligibility
    for Federal
    Pell Grant
  • Must Determine eligibility
    for subsidized
    Stafford Loan
    before determining
    eligibility for
    additional
    unsubsidized
    Stafford Loan
  • May be used to replace EFC
  • Yes; same as subsidized Stafford Loan
    FFEL/Direct PLUS** FFEL funds from private lenders; Direct Loan funds from federal government; 8.5% fixed interest rate for FFEL PLUS and 7.9% fixed interest rate for Direct Loan PLUS Some schools
    may require FAFSA;
    PLUS MPN obtained
    from FFEL
    school or
    lender or
    from Direct
    Loan school
    No annual or aggregate amounts, except parent or graduate/professional student may not borrow more than difference between cost of attendance and other financial assistance student expects to receive
  • Natural and adoptive parents (and stepparents if included on FAFSA) of eligible dependent undergraduates enrolled at least half time and graduate/professional students
  • No adverse credit history
  • Must not be in default on a federal loan
  • May be used to replace EFC
  • Yes; begins 60 days after fully disbursed  


    * In addition to General Student Eligibility Requirements
    **As determined by the U.S. Department of Education in the fields of physical, life or computer sciences, mathematics, technology, engineering, or a critical foreign language
    ***School usually participates in either FFEL or Direct Loan Program; loan terms are similar under both programs