| Type
Program |
Program
Information |
Annual Limits |
Requirements |
|
more
information from Dept. of Ed.
|
Type: TEACH Grant
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program, provides up to $4,000 a year in grant assistance to students who are completing or who plan to complete course work needed to begin a career in teaching.
In exchange for the grant, a student must sign an agreement to serve as a full-time teacher at certain low-income schools or within certain high-need fields for at least four academic years. |
TEACH: up to $4,000 each academic year. |
Student
must file the FAFSA form.
see
FAFSA links
Grants awarded based on financial
need.
School acts as the U.S. Department
of Education's agent.
Submit your application for grants through your school. |
|
Colleges and Universities offer institutional grants for some graduate and professional programs. Check your school for information. |
Limits set by the school. |
Student
must be enrolled in the graduate or professional program.
Other school requirements may be applicable. |
|
more
information from Dept. of Ed. |
Student
will work a set number of hours for
the school or approved public-service
related company.
Money is earned: does not have to
be repaid. Graduates paid on a hourly
basis or by salary.
See our Aid Steps for more information |
No
annual maximum.
However, the amount cannot exceed your total work-study award. |
Student
must file the FAFSA form.
see
FAFSA links
School disburses earned funds to students.
Submit your application for work study through your school. |
|
|
Scholarships
are available from many private and
educational institutions. This type
of financial aid does not have to
be paid back.
The more common form of scholarships
are athletic and academic. However,
there are a number of scholarships
awarded for other achievements. |
Limits
subject to scholarship award and program. |
Scholarships
may require an essay, written exam,
or some demonstration /document of
your eligibility.
get
some help
Most scholarships (including athletic)
will require a minimum GPA.
Scholarship funds will be sent to
the college directly on your behalf. |
|
more
information from Dept. of Ed. |
must be repaid.
These are low-interest rate loans
(5%) available to students with exceptional financial need.
The loan does not charge origination
fees.
See our Aid Steps for more information |
Amount:
up to $8,000
annually for graduate students
Maximum amount:
$60,000 (including undergraduate loans) |
Student
must file the FAFSA form.
see
FAFSA links
Your school becomes the lender using
funds shared by the federal government.
You must repay this loan to your
school.
Submit your application for Perkins Loans through your school. |
|
see
Stafford Loans
|
- subsidized loans:
the Federal Government pays interest
while the student is in school and
during grace and deferment periods.
- unsubsidized loans:
the borrower is responsible for
interest during the life of the
loan.
the type of loans
awarded depends on financial status.
Loan funds will be sent to the school
and disbursed in at least two installments.
The funds will first be applied to
pay tuition, fees, room and board,
and other school charges. Any remaining
funds must be used for paying education-related
expenses. |
graduates:
up
to $20,500, for each academic year
see
loan chart |
Student
must file the FAFSA form.
see
FAFSA links
Loan restricted to education-related
expenses only.
Student must be enrolled at least
half-time in a degree or certificate
program at an approved school.
Direct Stafford Loans: The federal government
provides funds to schools.
FFEL Stafford Loans: private lenders
provide funds to schools to disburse
to students. |
|
see
grad PLUS program
|
Graduate and professional students can borrow under the PLUS loan program on their behalf.
Loan funds will be sent to the school.
The loan will be disbursed in at least
two installments; no installment will
be greater than half the loan amount.
The funds will first be applied to
pay tuition, fees, room and board,
and other school charges, even travel. Any remaining
funds must be used for paying education-related
expenses. |
The
annual limit is equal to the total cost
of attendance (including travel) minus any financial aid
received.
You must first accept all Stafford Student Loan you are eligible for before you may borrow under the Graduate PLUS program. |
Student
must file the FAFSA form.
see
FAFSA links
Student must pass a credit check to
qualify or have a relative or friend
who can pass the credit check co-sign
the promissory note.
Loan restricted to education-related
expenses only.
Student must be enrolled at least
half-time in a degree or certificate
program at an approved school. |
|
see
Private Loans
|
Private student loans are used to make up the
difference between total cost of school and any
financial aid received.
These loans are not guaranteed by the government
so the interest rate and origination fees may
be higher.
Most private loan programs have higher borrowing
limits than federal loan programs.
Funds can be used for any education-related expenses,
including a new personal computer for school use.
|
From
$3,000 to $45,000 annually depending on the lender
The aggregate program
maximum is $150,000 or more. |
You
must have at least 21 months credit experience and a satisfactory credit history.
Learn
about building and maintaining a good
credit history
You must meet the credit guidelines for employment
and residency.
If you can't meet these guidelines, you may need
your parent or another creditworthy adult to co-sign for the loan.
Graduate students must be enrolled
at least half-time in a degree or certificate
program at an approved school.
Funds are certified through the school. |
|
see
Home Equity
|
Private
loan program where the lender opens
a credit line on your behalf (or your
parent), which credit line is secured
by the equity value of your or your
parent's home.
You will use equity line checks or
online transfer capabilities to pay
for education or other expenses.
The line of credit can be used at
any time and for any expense up to
your approved credit line balance. |
No
annual limit restrictions.
Your amount is subject to your approved
equity line balance. |
You
must have equity value in your home.
Calculate
your equity value
You must meet the lenders credit
criteria and credit check.
There is no limitation or restrictions
on the use of the funds. |
|
see
BLOC program
|
Same as the home equity product above except that you use your BLOC as your primary money account.
Best for applicants who have working income:
- use BLOC to pay for education expenses
- deposit your income into the BLOC
- pay living expenses using the BLOC
- income left over reduces BLOC account
view illustration of program
|
No
annual limits.
Your amount is subject to your approved
equity line balance. |
You
must have equity value in your home.
Calculate
your equity value
You must meet the lenders credit
criteria and credit check.
There is no limitation or restrictions
on the use of the funds.
You must have discretionary income to benefit from the BLOC program. |
|
link
to your individual state for information |
Individual
states offer financial aid programs
for state residents and in some cases
out-of-state residents attending in-state
schools.
Financial aid may include grants,
scholarships, financial aid assistance,
and some loan programs. |
Financial
assistance may vary by state. |
Financial
aid qualifications can vary by individual
state.
link
for state information |
|
see
Alternative Aid |
State529
Plans
Qualified investment plans established and managed by individual states that can
be used to pay education expenses.
Contributions are after-tax, but earnings
in the fund are tax exempt.
Funds are available to any named
beneficiary. The beneficiary can be
the contributor.
Two types of plans:
- Prepaid College Tuition Plans
- College Savings Plan
Education
IRAs
IRA plans that can be setup for education.
Contributions are after-tax, but earnings
in the fund are tax exempt.
The IRA can be used to pay for higher
education and K-12 education expenses. |
Limitations
subject to the available amount in the
plan. |
Plan
must be setup in the name of the beneficiary.
Withdrawals are tax-exempt if the
funds are used to pay for education-related
expenses.
Penalties may apply for payment of
non-education expenses.
|
|
More information from the IRS:
http://www.irs.gov |
You
can make withdrawals from your IRAs
for qualified higher education expenses
without having to pay the 10% penalty
tax. |
Limitations
subject to the available amount in the
plan. |
You
will owe income tax on at the amount
withdrawn from the plan. |
|
see
Alternative Aid |
Federal-merit
scholarship program that will pay
for college and provide a monthly
allowance.
You must meet specific academic
or physical fitness requirements
to join.
|
Limitations
subject to the cost of college attendance. |
You will be required to complete
a period of military service after
you graduate. |
|
More information from the IRS:
http://www.irs.gov |
The IRS allows students and parents
who file and owe taxes to claim
one of two educational credits. Tax credits reduce your overall
taxes paid dollar-for-dollar. |
Hope Tax Credit:
up to a maximum $1,800 per year
Lifetime Learning Tax Credit:
up to a maximum $2,000 per year per family |
Credit
can only be taken for expenses covering
tuition, fees, and and books (if the book expense was paid to
the institution on condition of
enrollment) minus any scholarships
and grants received.
Room and board,
personal expenses and transportation
are non-eligible expenses. |
|
See
Aid Note:
other types
of financial aid available
 |
Includes loan forgiveness programs, VA benefits, Americorps, U.S. public health, and job training programs.
|
Provides help for limited circumstances.
|
View program for limitations.
|
