Federal student aid is financial help to assist in school-related expenses, such as tuition and fees, room and board, books and supplies, and transportation. It is based on a student's financial need.

		Did You Know? Approximately two-thirds of all student financial aid comes from programs administered by the federal government. Source: U.S. Department of Education

Do not assume that you are not eligible for aid; if you do not apply, you definitely will not receive any. Everybody is eligible for some aid, regardless of financial need.

Types of Financial Aid

Generally, there are four types of student financial aid:

• Federal and State Grants
  Grants are financial aid that you don't have to repay. Generally, you must be an undergraduate student, and the amount you receive depends on your need, cost of attendance at your school (tuition and fees, room and board, books, etc.), and enrollment status (full-time or part-time).



• Scholarships
  Like grants, you don't have to repay scholarships. There are literally thousands of scholarships available for students. It's important to begin looking for them early.



• Federal Work-Study (FWS)
  Work-study is money you earn while enrolled in school that will help pay your education-related expenses. The Federal Work-Study Program encourages community service work and work related to your course of study, whenever possible. You can be an undergraduate or graduate student.



• Loans
  Loans are borrowed money that you must repay with interest. You can be an undergraduate or graduate student. Parents may also borrow to pay the education-related expenses of their dependent undergraduate students. Maximum loan amounts depend on your grade level in school. Loans are subject to credit approval.

  Federal Perkins Loans are offered by participating schools to students who demonstrate the greatest financial need. You repay the loan to your school.

  Federal Stafford Loans are made to students, and Federal Parent Loans for Undergraduate Students (PLUS) and Federal Graduate PLUS Loans are made to parents and graduate students, respectively. You repay these loans to the bank that made you the loan.

  Private loans, such as The Resource Loan^® and Health Professions Loan, are most often used to cover education costs that cannot be met by federal aid.

For more information, contact our customer service center to speak with an education loan specialist at 800-762-1001, Monday through Friday from 8am to 6pm Eastern time.