The ABCs of financial aid

[BSClay]

There are a host of government loans and grants available to pay for furthering your education, but most of them come with bewildering acronyms and complex definitions. Here’s a primer to help you cut through the jargon and find the financial aid you want:

FFEL—Federal Family Education Loan Program. These are low-interest loans made by private lenders to students and parents. Some are unsubsidized (i.e. not based on financial need, so most students are eligible). Several repayment plans are available.

Stafford Loans. Also referred to as direct loans, these are guaranteed by the federal government and may be subsidized or unsubsidized. Both undergraduate and graduate students are eligible to apply, and several repayment options are available.

Perkins Loans. These are given by schools to both undergraduate and graduate students demonstrating financial need. They are low interest and available to students with at least half-time status.

FSEOG—Federal Supplemental Educational Opportunity Grants. These government-sponsored loans are administered by the schools to those demonstrating exceptional financial need. Unfortunately, not every eligible applicant can secure a grant because there is a limited pot of federal money each year.

Pell Grants. Awarded by the Federal Government to those demonstrating exceptional financial need, these do not need to be paid back.

[moneysense]

Thank you so much for posting this list of available grants for those seeking to further their education.

I had not ever heard of a couple of these grants so I am sure that there are many out there that arent aware of these grants and loans either.

It is a shame that all who need help to further their education wont be able to get it because of lack of funds because to help someone further their education means a better job in their future and will keep them off the welfare rolls.

I have heard recently that a couple of the different grants were done away with because of lack of money and that is such a shame. That means fewer and fewer people will be able to further their education and not be able to do it on their own.