Financial Aid

www.ed.gov The U.S. Department of Education web site. Click on financial aid.

www.fafsa.ed.gov FAFSA on the web. Complete your form on line, submit after January 1st.

www.pin.ed.gov
FAFSA PIN Numbers. Apply for a pin number to complete your FAFSA
online.

www.finaid.org
The Financial Aid Information Page. Billed as the most comprehensive
financial aid info on the web.

www.wfaa.org
Washington Financial Aid Association

Grants (not repaid) – Federal Pell Grants are usually awarded only to undergraduate students who have not earned a bachelor’s or professional degree. Pell grants are designed to be the foundation of an eligible student’s financial package. To determine if you are eligible the U.S. Dept. of Education uses a standard formula. This formula produces an expected family contribution (EFC) number. Your Student Aid Report (SAR) contains this number and will tell you if you are eligible. The maximum award is usually about $3000.

Federal Supplemental Educational Opportunity Grant (SEOG) is designed for exceptionally needy students. College financial aid administrators determine student eligibility. Awards range from $200 to $4000 and are limited in each college.

Washington State Need Grants are designed for needy students. College financial aid administrators determine the amount based on EFC and cost of attendance.

Loans (must be repaid) – Federal Perkins Loans are low interest (varies, currently under 4%) for students with exceptional financial need. Students may borrow up to $3000 per year and not exceed $5000 through their bachelor’s degree. Some colleges do not participate in the program.

Federal Stafford Loans are low interest (not to exceed 8.5%) for students with and without need. The loan may be repaid after schooling has ended for those students who meet the federal definition of need. Payment deferred loans are subsidized by the government. If the loan must be paid back immediately, the student has not met the federal definition of need and the loan is unsubsidized. First year college students may borrow up to $2625.

Federal Parent Loans for Undergraduate Students (PLUS) must not exceed 9% interest for parents of dependent students. It is generally considered non-need based and should only be used by parents after the student has been considered for all other grants and loans. The loan must be repaid immediately. Parents may borrow an amount equal to the cost of attendance minus any other financial aid for which the student is eligible.
Work Study-Federal Work-Study are jobs on or off campus for students with financial need. Pay is minimum or better. Efforts are made to place students in community service or work related to their program of study.