FAFSA – Federal Student Aid
Federal Student Aid, is an office of the U.S. Department of Education, who ensures that all eligible individuals can benefit from federally funded or federally guaranteed financial assistance for education beyond high school. The Free Application for Federal Student Aid (known as the FAFSA) is a form that can be filled out annually by current and anticipating college students (both undergraduate and graduate) in the United States to determine their eligibility for federal student financial aid ( including Pell Grants, Stafford loans, Plus loans, and work-study programs).
The Pell Grant is a type of post-secondary, educational federal grant that does not require repayment. The Pell Grant is awarded based on a “financial need” formula determined by the U.S Congress, using criteria submitted through (FAFSA).
A Stafford Loan is a student loan offered to eligible students enrolled in accredited American institutions of higher education. The loans are guaranteed by the full faith of the U.S Government, which they offer a lower interest rate than the borrower would otherwise be able to get for a private loan. No payments are expected on the loan while the student is enrolled as a full or half time student. Deferment of repayment continues for six months after the student leaves school either by dropping below half-time enrollment, or withdrawing. Stafford loans are available both as subsidized and unsubsidized loans. Subsidized loans are offered to students based on demonstrated financial need. The interest on subsidized loans is paid by the federal government while the student is in school, during the grace period, and during authorized deferment. For unsubsidized loans, students are responsible for all of the interest that accrues while the student is enrolled in school. The interest may be deferred through enrollment. Unpaid interest that is deferred until after graduation is capitalized (added to the loan principal).
A Plus Loan is a student loan offered to parents of students enrolled at least half time in eligible programs at participating and eligible post-secondary institutions. As of July 1, 2006, Plus Loans are also available to graduate and professional students at participating and eligible postsecondary institutions.
Cooperative education is a structured method of combining classroom-based education with practical work experience. A cooperative experience, commonly known as a “co-op” provides academic credit for structured job experience.
To fill out a FAFSA form – Click here
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