Grants are gift aid and do not hve to be repaid.

Work Study provides income (which does not have to be repaid) from a part-time job.

Education Loans: Loans must be repaid with interest.

Federal Pell Grants are awarded according to rules set by Congress. If a students is eligible on the basis of these rules, an eligible school will pay the student for his or her Federal Pell Grant and be reimbursed by the Department of Education.

Federal Supplemental Education Opportunity Grant There is limited eligibility and no guarantee even if the student is eligible. Awarded on a first-come, first-served basis, so students should apply early. Full-time attendance is not required. Maximum amount a student can receive is between $100 and $4,000 per year, depending on here the student applies, his or her need, the funding level of the school and the policies of the school's financial aid office.

Federal Stafford Loans These are subsidized and unsubsidized low variable-rate loans. The subsidized Stafford loan is available to students who demonstrate financial need. The unsubsidized Stafford loan provides additional funding to both dependent and independent students who don't qualify in whole, or in part, for subsidized loan funds. The student must attend school at least half time. Interest rate is adjusted annually, but never exceeds 8. 25%. There is a loan fee of up to 4% of the loan. A grace period before repayment is 6 months. For subsidized loans, the government pays the interest while the student is enrolled at least half time and during the grace period. For unsubsidized loans, the student is responsible for the interest that accrues during school and the grade period. A deferment is available. Different payment plans are available. Maximum amounts that can be borrowed range from $2,625 to $4,000 for first-year students. The financial aid office will determine eligibility and actual amount based on need and year of study.

Federal PLUS Loan The loan is a low variable-rate loan for parents or stepparents of dependent students. To be eligible you must be borrowing on behalf of a dependent child or stepchild. The borrower will undergo a credit check. The student must attend school at least half time. The interest rate is adjusted annually, but never exceeds 9%. The loan fee is up to 4% of the loan. Repayment typically begins within 60 days of final disbursement. The interested is not subsidized. Different types of payment plans are available. The maximum amount a parent or stepparent can borrow is the cost of education, less other financial aid.

Work-Study The student does not have to pay it back. Attendance requirements vary according to school. The student should check with the school's financial aid office. The maximum amount a students can receive varies.

Federal Perkins Loan Low fixed-rate loan administered by the school. Eligibility is need-based. Student must attend school at least half time. The current interest rate is 5%. There is no loan fee. There is a 9 month grace period before repayment. The government pays the interest while the student is enrolled at least half time and during the grace period. The borrower can receive a repayment deferment. The types of payment plans available are standard. The maximum amount a student can borrow is $4,000 per year; $20,000 aggregate limit.

COA: The cost of Attendance is a budget figure determined by the financial aid office that represents the cost to attend the college or university for one academic year.

EFC: The Expected Family Contribution is the total amount of the collective assets and income that you and your family are expected to contribute toward the cost of college. The federal government determines the EFC based on the information you supply on the FAFSA and the total cost of attendance for the college of your choice.

FAFSA: The Free Application for Federal Student Aid is used to apply for federal student aid, including grants, loans, and work-study. In addition, it is used by most states and school to award non-federal financial aid.

Financial Aid: Term used to describe the combination of scholarships, grants, work-study, and loans that will help you pay for college.

Grant Aid: Financial aid that does not have to be paid back. You may receive this type of aid based on either need or merit.

SAR: The Student Aid Report is the official notification sent to you 4 to 6 weeks after filing the FAFSA and explains your EFC in relation to your school's cost of attendance.