• Federal Pell Grants are available to undergraduate students only (with one minor exception for a few teacher certification students). Grants do not have to be repaid. Federal Pell Grant awards for 2002-03 will range from $400 to $4,000.
  
  
• Direct Stafford Loans and FFEL Stafford Loans are student loans that must be repaid and are available to both undergraduate and graduate students. If your school participates in the William D. Ford Federal Direct Loan (Direct Loan) Program, the federal government provides the funds for your Direct Stafford Loan. If your school participates in the Federal Family Education Loan (FFEL) Program, a private lender provides the funds for your FFEL Stafford Loan. First-year undergraduates are eligible for loans up to $2,625. Amounts increase for subsequent years of study, with higher amounts for graduate students. The interest rate is variable but never exceeds 8.25 percent.

If you qualify (based on need) for a subsidized Stafford Loan, the government will pay the interest on your loan until your repayment is scheduled to begin and during any deferment periods. You are responsible for paying all of the interest that accrues on an unsubsidized Stafford Loan.

• FFEL PLUS Loans and Direct PLUS Loans are unsubsidized loans made to parents. FFEL PLUS Loans are made through private lenders; Direct PLUS Loan funds are provided by the federal government. If you are an independent student or a dependent student whose parents cannot get a PLUS Loan, you are eligible to borrow additional Stafford Loan funds. The PLUS Loan interest rate is variable but never exceeds 9 percent.
  
  
• Campus-Based Programs are administered by participating schools. There are three of these programs. Federal Supplemental Educational Opportunity Grants are grants available for undergraduates only; awards range from $100-$4,000 ($4,400 in certain circumstances for students studying abroad). Federal Work-Study provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses. Perkins Loans are low-interest (5 percent) loans that must be repaid; the maximum annual loan amount is $4,000 for undergraduate students and $6,000 for graduate students.

Am I Eligible for Student Aid from these programs?

• In general to receive aid from federal student aid programs, you must meet the following requirements:
  
  
• Be a citizen or eligible noncitizen of the U.S.
  
  
• Have a high school diploma, General Education Development (GED) certificate, pass an approved "ability to benefit" test, or have completed a high school education in a homeschool setting that is treated as a home school or private school under state law.
  
  
• Enroll in an eligible program as a regular student seeking a degree or certificate.
  
  
• Be registered with the Selective Service if required (in general, if you are a male over the age of 18).