• Awarded by colleges, foundations, religious groups, employers and community groups, among others
• Criteria based on financial need, academic achievement, special talents, athletic ability, proposed field of study, ethnic heritage, community activities and more
• Contact college or university financial aid office, high school counselors and the local library for available scholarships and application information

collegeboard.com

• Federal money awarded to qualifying undergraduate students with exceptional financial need enrolled or accepted at participating schools
• Grant money is paid to the school, student or in combination to both
• Money never needs to be repaid, regardless of amount
• Complete and submit FAFSA at www.fafsa.ed.gov after January 1st every year of college to apply for both

Pell Grants

• Awarded by colleges, foundations, religious groups, employers and community groups, among others
• Criteria based on financial need, academic achievement, special talents, athletic ability, proposed field of study, ethnic heritage, community activities and more
• Contact school's financial aid office for application information

collegeboard.com

• Varies by school and may include loans, work-study, student employment, tuition-savings programs and cooperative education programs
• Criteria varies from financial need, academic performance, proposed field of study, special talents or abilities and more
• Private colleges use an alternate set of formulas in addition to FAFSA information when evaluating a family’s financial need
• Contact school’s financial aid office for application information

• Very low (5%), fixed APR loans guaranteed by the Federal government
• Loans made through participating schools for students with exceptional financial need
• Annual limit: $4,000 for undergraduates; $6,000 for graduate students
• No interest paid while in school at least half-time
• Repayment begins 9 months after graduation, or if student falls below half-time enrollment
• No fees
• Up to 10 years to repay

Perkins Loans

• Loans guaranteed by the Federal government for undergraduate, graduate, vocational and professional students
• Relatively low, fixed APR
• Federal government establishes loan maximums
• 1% borrower origination fee
• Up to $2,500 in student loan interest is tax-deductible per year, depending on income
  
  Subsidized
  • Awarded based on financial need
  • Government pays interest while student is in school, during 6-month grace period and periods of approved deferment
  • Student repayment begins 6 months after graduation or if status falls below half-time enrollment
  • Up to 10 years to repay with a $50 minimum monthly payment
  
  
  Unsubsidized
  • Awarded to qualified students, regardless of income
  • Student pays interest
  • Interest begins accruing upon disbursement
  • Interest payments due immediately, but can be deferred
  • Unpaid interest is rolled into principal at time of repayment
  • Repayment begins 6 months after graduation or if status falls below half-time enrollment (as established by the school)
  • Up to 10 years to repay with a $50 minimum monthly payment

Stafford Loans

• Stafford and PLUS loans funded directly by the Federal government through participating campus financial aid offices
• No outside lenders such as banks or credit unions involved
• Ask school if it is a Direct Lending school

William D. Ford Direct Loans

• On- and off-campus part-time jobs for students with financial need
• Administered by financial aid offices of participating schools
• Application deadlines often earlier than FAFSA deadline
• Check with school financial aid office for deadlines and program details

Federal Work-Study

• Programs vary by state
• May include grants, scholarships, loans and work-study programs
• Criteria varies from financial need to academic performance
• Most states use FAFSA information to award financial aid
• Contact high school counselors and state Departments of Education

State Aid

• Loans guaranteed by the Federal government for qualified graduate students
• Low, fixed APR
• Qualification criteria based on borrower's credit history
• Borrow up to the full cost of education, less other financial aid received
• Interest begins accruing at time loan is disbursed
• Up to $2,500 in student loan interest is tax-deductible per year, depending on income
• 3% borrower origination fee

Grad PLUS Loans

• Loans guaranteed by the Federal government for qualified parents of dependent undergraduate students
• Low, fixed APR
• Borrow up to the full cost of education, less other financial aid received
• Up to 10 years to repay with $50 minimum monthly payment starting within 60 days after final disbursement; up to 25 years to repay if repayment amount is over $30,000
• Up to $2,500 in student loan interest is tax-deductible per year, depending on income
• Loan qualification criteria based on borrower's credit history
• 3% borrower origination fee
• No deferment option

PLUS Loans

• Variable APR tied to prime or LIBOR rate
• Borrow up to the cost of attendance (including tuition, fees, books, room and board), less any financial aid received, up to annual loan limits
• Eligible loan amount certified by school
• Funds paid directly to school, which may pay any remaining funds to student
• Loan qualification criteria based on credit history of cosigner
• Interest begins accruing upon disbursement
• Interest payments may be deferred
• Unpaid interest is rolled into principal at time of repayment
• Repayment begins 6 months after graduation or if status falls below half-time enrollment (as established by the school)

• Variable APR tied to Prime or LIBOR rate
• Maximum loan amount varies by lender
• Loan qualification criteria based on credit history of borrower and cosigner, if applicable
• Funds paid directly to student
• Interest begins accruing upon disbursement
• Interest payments due immediately, but can be deferred
• Unpaid interest is rolled into principal at time of repayment
• Repayment begins 6 months after graduation or if status falls below half-time enrollment (as established by the school)

• Attractive APRs
• Interest is tax-deductible
• Puts home at risk
• Depletes credit for other needs
• Parent assumes 100% of risk

• No penalty on withdrawals for college
• All interest paid goes back into your account
• Severe tax penalty for late repayment
• Interest not tax-deductible
• Forfeit fund growth
• Parent assumes 100% of risk