Funding Education beyond High School – A brief guide to Federal Aid
Education beyond High School gets more expensive every year and beyond the reach of many.
But Education is vital for your success and it creates opportunities and no qualified student should be denied education because the cost is too high.So if you are serious about higher education and unable to arrange for the cost, this guide can definitely help you.
The good news is that money is available but you need to be aware about how to apply to be eligible.
Federal Student Aid, an office of the U S Departement of Education , plays a central and important role in the Country’s post secondary education community.
During 2007-2008 alone , $83 billion in aid was provided to nearly 10 million postsecondary students in the form of grants , loans and work-study programs.
A postsecondary education gives you a head start in life, and not only you have more jobs to choose from , but you also earn almost twice as much than if you had only a high school diploma.
Hence it is very important to pursue education beyond High School and you should not deny yourself this just because you are not sure it’s for you or because you are unable to figure out how to pay for it.
Types of federal aid programs and how to apply for them :
|
Name of Program |
Type of Aid |
Program details |
Annual limits |
|
Federal Pell Grant |
Grant – does not have to be repaid |
For undergraduates – eligible students receive the amount they qualify for |
$4000 to $4300 |
|
Federal Supplemental Educational Opportunity grant ( FSEOG) |
Grant – does not have to be repaid |
For undergraduates with exceptional financial need – priority is given to Federal Pell Grant recipients |
$100 to $4000 |
|
Academic Competitiveness Grant ( ACG) |
Grant – does not have to be repaid |
For undergraduates ( U S citizens ) receiving Pell Grants enrolled full-time in 1st or 2nd academic year
For 1st year students who have completed secondary school and graduated after Jan 1 , 2006
For 2nd yr students who have completed secondary school and graduated after Jan 1, 2005 and have GPA of 3.0 |
Upto $750
Upto $1350
|
|
National Science and Mathematics Access to Retain Talent Grant ( National SMART Grant) |
Grant – does not have to be repaid |
For undergraduates ( U S citizens ) receiving Pell Grants enrolled full-time in 3rd or 4th academic year of eligible degree program ( in physical, life, or computer sciences, engineering, technology, mathematics or a critical need foreign language )and have GPA of 3.0
|
Upto $4000 for each of 3rd and 4th academic years |
|
Federal Work Study |
Money is earned while attending school – does not have to be repaid |
For undergraduates and graduate students – jobs available on or off campus – minimum federal wages are paid |
No minimum or maximum limit |
|
Federal Perkins Loan |
Loan – must be repaid |
5% interest to be paid to the school that made the loan |
$4000 max for undergraduates and $6000 for graduate and professional degree students |
|
Subsidized Direct or FFEL Stafford Loan |
Loan – must be repaid |
US Dept of Education pays interest while borrower is in school – student should have financial need |
$3500 to $8000 |
|
Unsubsidized Direct or FFEL Stafford Loan |
Loan – must be repaid |
Borrower is responsible for interest |
$3500 to $20,500 |
|
Direct of FEEL PLUS Loan |
Loan – must be repaid |
Available to parents of dependent undergraduate students and also graduate and professional students |
Max amount is cost of attendance less any other financial aid received by the student |
For more information and how to apply for aid , please go through the complete report : US Department of Education, Federal Student Aid, Students Channel, Funding Education beyond High School: The Guide to Federal Student Aid 2008- 09 , Washington, D.C., 2007
