Federal Pell Grants: This is the largest need-based program. Millions of undergraduates receive Federal Pell Grants each year. Graduate students are not eligible.

The maximum grant for 2016-2017 award year is $5,915. The amount you receive depends on need, the cost of the college, whether you attend for a full academic year, and if enrollment is full or part time.

Federal Supplemental Educational Opportunity Grant Program (FSEOG): This is a need-based program. However, it is school-based, which means that while the money comes from the federal government, individual colleges and universities distribute money to students who demonstrate need. Graduate students are not eligible.

Undergraduates can receive grants of up to $4,000 a year.

Federal Perkins Loan Program: This federal loan program is a school-based program administered by colleges & universities. Individuals receive this loan based on need.

Full time dependent undergraduates can borrow up to $5,500 annually ($27,500 total). $8,000 annually for graduate students ($60,000 total including any Federal Perkins Loans you borrowed as an undergraduate).

This is a low interest loan. The interest rate is 5%.

Repayment begins 9 months after a student graduates or leaves school. Repayment may run up to a maximum of 10 years.

Stafford Loan Program: The subsidized program allows students who are in financial need to borrow money for educational expenses.

The unsubsidized program is for students who do not qualify for the maximum subsidized student loan. Eligibility for the unsubsidized Stafford Loan is not based on financial need.

Beginning July 1, 2012 subsidized loans for graduate and professional students are no longer available.

Full-Time dependent undergraduates can borrow up to: 1st year $5,500 (no more than $3,500 of this amount may be in subsidized loans), 2nd year $6,500 (no more than $4,500 of this amount may be in subsidized loans), 3rd and 4th years (each) $7,500 (no more than $5,500 of this amount may be in subsidized loans).

Full-time independent undergraduates (or dependent undergraduates whose parents are unable to get a PLUS loan) can borrow up to: 1st year $9,500 (no more than $3,500 of this amount may be in subsidized loans), 2nd year $10,500 (no more than $4,500 of this amount may be in subsidized loans), 3rd and 4th years (each) $12,500 (no more than $5,500 of this amount may be in subsidized loans).

Graduate students can borrow a total of $138,500 (maximum subsidized is $65,500). Annual loan limit is $20,500 (unsubsidized only).

For loans first disbursed between July 1, 2015 and June 30, 2016, the interest rate on subsidized and unsubsidized loans to undergraduate students is fixed at 4.29%.

The interest rate for unsubsidized loans to graduate students is fixed at 5.84%.

Interest is not required to be paid on the loan while the student is in school.

In addition to the interest, there is also an origination fee of 1.068% for loans between October 1, 2015 and October 1, 2016.

Repayment is deferred until 6 months after a student graduates or leaves school. An interest will be charged for unsubsidized loans during this time.

Repayment can run up to 10 years, or more if an extended plan is elected.

An income-based repayment may be available based on eligibility.

Federal PLUS Loans: These loans enable parents with good credit histories to borrow money for their child's undergraduate education. Eligibility is not based on financial need.

The annual loan limit is the difference between the cost of attendance minus any other financial aid you receive.

For direct PLUS Loans first disbursed on or after July 1, 2015 and before July 1, 2016, the interest rate is 6.84%.

In addition to the interest, there is also a fee of 4.272% of the loan deducted from each loan disbursement between October 1, 2015 and October 1, 2016.

Repayment begins immediately after loan disbursement, but can be deferred while enrolled at least half-time as a student. It can be deferred another 6 months after the student ceases to be enrolled at least half-time.
Repayment is made over 10 years, or more if an extended plan is elected.