June 25, 2017



Summary Of Federal Student Loans And Grants Available

The table below provides a quick overview of the student loans and grants which are available to college students today.

Federal Aid Program Type of Aid Program Summary Annual Award
Federal Pell Grant Grant:
Does not have to be repaid.
Available to undergraduates on the basis of financial need. $400 – $4,731
Federal Supplemental Educational Opportunity Grant (FSEOG) Grant:
Does not have to be repaid.
Available to undergraduates with exceptional financial need with priority given to Federal Pell Grant recipients. Funds depend on the availability of the program in schools. $100 – $4,000
Academic Competitiveness Grant (ACG) Grant:
Does not have to be repaid.
Available to undergraduates receiving Pell Grants who are US citizens enrolled full-time in their first or second academic year of study. First year students must have completed a rigorous secondary school program of study not previously been enrolled in an undergraduate program.

Second year students must have completed a rigorous secondary school program of study and have at least a 3.0 cumulative GPA at the completion of their first year of postsecondary study.

First year students:
Up to $750 Second year students:
Up to $1,300
National Science and Mathematics Access to Retain Talent Grant (National SMART Grant) Grant:
Does not have to be repaid.
Available to undergraduates receiving Pell Grants who are US citizens enrolled full-time in their third or fourth academic year of an eligible degree program majoring in physical, life, or computer sciences, engineering, technology, mathematics or a critical-need foreign language and who have at least a 3.0 cumulative GPA. Up to $4,000 for each of the third and fourth academic years
Federal Work-Study (FWS) Money is earned while attending school:
Does not have to be repaid
Availabe to undergraduate and graduate students. Jobs can be on campus or off campus and students are paid at least federal minimum wage. No annual minimum or maximum award amounts
Federal Perkins Loan Loan:
Has to be repaid
Available to both undergraduate and graduate students with interest charged at 5% Payment is owed to the school making the loan. $4,000 maximum for undergraduate students $6,000 maximum for graduate and professional degree students

No minimum award amount

Subsidized Direct or FFEL Stafford Loan Loan:
Has to be repaid
Available to students who are in financial need and following at least a half-time program. US Department of Education pays interest while the student is in school and during grace and deferment periods. $3,500 to $8,500 depending on grade level
Unsubsidized Direct or FFEL Stafford Loan Loan:
Has to be repaid
Available to students who are in at least a half-time program. The student is responsible for interest payments throughout the life of the loan. $3,500 to $20,500 (less any subsidized amounts received for the same period), depending on grade level and dependency status
Direct or FFEL PLUS Loan Loan:
Has to be repaid
Available to parents of dependent undergraduate students who are enrolled at least half-time. The PLUS Loan Program is now also available to graduate and professional degree students.

PLUS Loans are unsubsidized and the student is responsible for interest payments throughout the life of the loan.

There is no minimum award amount. Maximum amount is the cost of attendance minus any other financial aid which the student receives.