What kinds of federal student aid might be available to me?

Federal student aid is probably the most common type of financial aid that people rely on to help them pay for school. Most federal student aid is offered through the Department of Education.[2897] (For detailed information on federal student aid, visit the Federal Student Aid website at: https://studentaid.ed.gov/.) Federal student aid includes:

Federal Grants—Grants do not have to be repaid unless 1) you drop out of school, or 2) your GPA falls below a certain minimum (usually specified in the grant).

    Federal Pell Grant—This is the largest grant program available in the United States. Grants are awarded based on financial need.
    Federal Supplemental Educational Opportunity Grant (FSEOG)—This grant is a supplement to the Pell Grant. It is reserved only for those students who already received a Pell Grant, but need more aid. The government gives a set amount of money to the schools that want to participate in the program, and the schools then give this grant to the students who have the most financial need. You must have been offered a Pell Grant to be eligible for this grant.[2898]

Federal Loans—These are loans made to you by the federal government. They usually have lower interest rates and more flexible repayment options than regular loans. The amount you are allowed to borrow depends on the cost of the school you want to go to, your financial need, and what other aid you get. Since these are loans, you will have to pay the money back!

    Direct Loan—The U.S. Dep’t of Educ. lends you the money directly.
    Federal Perkins Loan—A school-based loan program where the school lends you money if you show exceptional financial need.[2899]

Federal Work-Study—Work-study allows you to earn money through part-time employment (on or off campus) while you are in school. If you are awarded work-study aid, you are guaranteed to earn a certain amount of work-study funds as long as you have a work-study approved job (however, you cannot earn more than that amount).[2900]

Other federal student aid programs outside of the Department of Education include:

    Aid for serving in the military or for being the spouse or child of a veteran;
    Tax benefits for education;
    Education Award for community service with AmeriCorps;
    Education and Training Vouchers for current and former foster care youth;
    Scholarships and loan repayment through the Department of Health and Human Services;
    Indian Health Service;
    National Institutes of Health;
    National Health Services Corp.[2901]
  1. 2897

    U.S. Dep’t of Educ., http://www.ed.gov/.

  2. 2898

    U.S. Dep’t of Educ. Federal Student Aid, https://studentaid.ed.gov/.

  3. 2899

    What Types of Federal Student Loans are Available?, U.S. Dep’t of Educ. Federal Student Aid, https://studentaid.ed.gov/types/loans.

  4. 2900

    Types of Aid: Work-Study Jobs, U.S. Dep’t of Educ. Federal Student Aid, https://studentaid.ed.gov/types/work-study - how-much-can-i.

  5. 2901

    U.S. Dep’t of Educ. Federal Student Aid, https://studentaid.ed.gov/.