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What types of financial aid are there?
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Student financial aid programs are generally classified as gift/grant aid and self-help aid. Gift aid is awarded in the form of
scholarships, fellowships, and grants that do not have to be repaid. Self-help aid is awarded in the form of work or student
employment programs and loans that must be repaid. Most, but not all, financial aid programs are awarded on the basis of
financial need. Some programs, particularly scholarships, are awarded on the basis of academic achievement or merit.
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What is a Federal Pell Grant?
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A.
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A
Federal Pell Grant, unlike a loan, doesn't have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. (A professional degree would include a degree in a field such as pharmacy or dentistry, but only if a prior undergraduate degree was not earned.) For many students, Pell Grants provide a foundation of financial aid to which other aid may be added.
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If I am not eligible for a Pell Grant, are there other types of financial aid I can receive?
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Yes. Many undergraduates who do not qualify for a Federal Pell Grant may still qualify for a state grant or campus-based aid.
Grant funds are limited, which is why it is so important to submit your financial aid application in a timely manner. Virtually
all students can qualify for some form of student loan but should consider the obligations associated with borrowing.
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What is campus-based aid?
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The campus-based federal programs are:
The Federal Supplemental Educational Opportunity Grant (FSEOG) Program awards grants, the Federal Work-Study Program offers jobs, and the Federal Perkins Loan Program offers loans. Participating schools receive limited funds for these programs, so apply early. These programs are administered directly by the financial aid offices at participating schools. Not all schools are involved with all three programs.
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What determines financial need?
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The information supplied on a completed FAFSA is used in a formula, established by the U.S. Congress, that calculates your
expected family contribution (EFC), the amount you and your family are expected to contribute toward your education. If your EFC
is below a certain amount and you meet all other requirements, you qualify for a Federal Pell Grant. Your financial aid
administrator determines your cost of attendance (in most cases, tuition and fees, room and board, travel, books and supplies,
and personal and miscellaneous expenses) and subtracts your EFC. The remaining balance is your financial need.
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Who is considered a citizen or eligible noncitizen?
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You must be one of the following to receive federal student aid:
- U.S. citizen
- U.S. national (including natives of American Samoa or Swain's Island)
- U.S. Permanent Resident who has an I-151, I-551, or I-551C (Permanent Resident card)
If you do not belong to one of these categories, you must have an Arrival-Departure Record (I-94) from the U.S. Immigration and
Naturalization Service (INS) showing one of following designations:
- Refugee
- Asylum Granted
- Indefinite Parole
- Humanitarian Parole
- Cuban-Haitian Entrant, Status Pending
- Conditional Entrant valid if issued before April 1, 1980
If you have only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), you aren't eligible for federal student aid.
If you're in the United States on an F1 or F2 student visa only, or on a J1 or J2 exchange visitor visa only, you can't get federal student aid. Also, persons with G series visas (pertaining to international organizations) are not eligible for federal student aid.
Citizens and eligible noncitizens can receive loans from the FFEL and Direct Loan Programs at participating foreign schools.
Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands, and Palau are eligible only for Federal
Pell Grants, FSEOG, and FWS. These applicants should check with their financial aid administrators for more information.
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