Federal Student Aid
Financial aid can come from a variety of sources, including federal loans and grants, and state loans and grants. Determine your eligibility for federal student aid with the Free Application for Federal Student Aid (FAFSA).
FAFSA is used to apply for federal student financial aid, including grants and loans. In addition, it is used by most states and schools to award non-federal student financial aid. (www.fafsa.ed.gov)
Federal Student Aid programs are the largest source of student aid in America. These programs provide over $60 billion a year in grants and loans. (www.studentaid.ed.gov)
Federal Stafford Loans are student loans that offer long-term solutions to academic financial needs. These loans require repayment after a student is no longer enrolled, allowing for a six-month grace period after finishing school. Stafford Loans may be subsidized or unsubsidized, depending on a student’s financial needs. With subsidized Stafford Loans, students won't be charged interest until they begin repayment of the loan or during authorized periods of deferment. With unsubsidized Stafford Loans, interest charges begin the day the loan is disbursed.
Perkins Loans are low-interest loans that must be repaid; the maximum annual loan amount is $6,000 for graduate students.
For more in depth information about Financial Aid from the U.S. Department of Education, please click here for the 2008-2009 Student Guide.
