FEDERAL PELL GRANT:
A federal PELL Grant, unlike a loan, does not have to be repaid. Federal PELL grants usually are awarded only to undergraduate students who have not earned a bachelor’s or a professional degree. To see if you are eligible to receive a Federal PELL grant you must complete a FAFSA application.
FEDERAL SUPPLEMANTAL EQUAL OPPORTUNITY GRANT (FSEOG):
The FSEOG program is administered directly by the financial aid office at each participating school and is therefore called “campus-based” aid. Not all schools participate. Check with your school’s financial aid office to find out if the school offers the FSEOG. To apply for the FSEOG you must fill out a FAFSA application.
FEDERAL STAFFORD LOANS:
Federal Stafford loans are fixed rate student loans for undergraduate and graduate students attending college at least half-time. Stafford loans consist of the Federal Subsidized and unsubsidized loan which you must repay with interest 6 months from your last date of enrollment at school. If you apply for Financial Aid with CCC Federal Stafford loans may be included in your financial package.
To apply for a Federal Stafford Loan you must first complete and submit the Free Application for Federal Student Aid (FAFSASM). Your school will use the information from your FAFSA to determine how much student aid you are eligible to receive. Direct Loans are generally included as part of your financial aid package.
DIRECT SUBSIDIZED STAFFORD LOANS:
Direct Subsidized Loans are available to undergraduate students with financial need.
Your school determines the amount you can borrow, and the amount may not exceed your financial need. For a subsidized loan, the U.S. Department of Education pays the interest while you are enrolled in school at least half-time.
DIRECT UNSUBSIDIZED STAFFORD LOANS:
Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. Your school determines the amount you can borrow by considering the cost of attendance and other financial aid you receive.
For an unsubsidized loan, you are responsible for paying the interest during all periods. If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal.)
DIRECT PLUS LOANS:
PLUS loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program.
In order to receive a Direct PLUS loan, you (or your child, in the case of parent borrowers) must complete the Free Application for Federal Student Aid (FAFSASM). The school’s financial aid office will provide instructions about their process for requesting a Direct PLUS Loan.
If a parent borrower is unable to secure a PLUS loan, the dependent student may be eligible to borrow additional unsubsidized loans to help pay for his or her tuition.