Federal Financial Aid Programs

Federal Pell Grant: Financial assistance, awarded by the federal government on the basis of need. The grant may be used toward tuition, room and board, books or other educational costs. Requires no repayment.

Federal Supplemental Educational Opportunity Grant Program (SEOG): SEOGs are provided to a limited number of undergraduate students with financial need. Preference is given to students with exceptional financial need.

Federal College-Work Study Program (CWS): A government-supported program which provides part-time jobs to students who need help paying college expenses. Workstudy jobs are awarded to the student by the financial aid office.

Federal Perkins Loan: Loans funded by the federal government at a low rate of interest and awarded by the institution. Repayment and interest begin nine months after a student graduates, leaves school, or drops below halftime enrollment.

Federal Stafford Loan: A loan program in which eligible students may borrow from a bank or other financial institution. The federal government pays the interest on the loan while the student is in school. Repayment and interest begin six months after the student graduates, leaves school, or drops below half-time enrollment.

Federal PLUS Loan: A loan program (not need based) in which parents can borrow from a bank or other lender. Repayment of principal and interest begins within sixty days of loan disbursement.

Federal Unsubsidized Stafford Loan: A loan program (not need based) in which graduate students can borrow from a bank or other lender. Repayment of principal and interest typically begins within sixty days of loan disbursement.

Information subject to change without notice.

Early Financial Planning Tool - ACT Financial Aid Need Estimator (FANE)

• How much will college Cost?
• What will my family be expected to pay?
• Will I qualify for student aid?
• What can I do to begin planning ahead to pay for college?

The Financial Aid Need Estimator (FANE) can help you answer these questions and plan ahead for meeting educational expenses after high school. It helps you estimate expenses, tells you whether you are likely to qualify for federal need-based financial aid, identifies major sources of aid, and helps you project your estimated educational expenses and sources of funds over a calendar year. The Financial Aid Need Estimator is fast, easy to use, and absolutely confidential. To receive a FANE application, see your counselor or write to: ACT Financial Aid Need Estimator, P.O. Box 4029, Iowa City, IA 52243-4029