Federal Program Summary

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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