The Financial Process
Step 1
Research and Apply
The First Beyond FAFSA Option
Part time job/ Work Study
100
Federal Pell Grant
Private vs Federal
Private: Set own interest rates
Federal: The Department of Education issued federal student loans, Congress determining the fixed interest rate each year
Grace Period
6 months after graduation
Step 2
Complete Your FAFSA
The Second
Scholarships/ Grants
200
Federal Supplemental Educational Opportunity Grant (FSEOG)
How do private student loans work?
Shop around with banks, credit unions, and online lenders
Credit-based
Lender will certify funding amount with your college or university
Standard Repayment
10 year term
The Third
Parent PLUS Loan
300
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Based on financial need
undergraduate students
fixed interest rate, interest does not accrue until you leave school
total aggregated limit: $23,000
Extended Repayment
10 to 30 year term
The Fourth
Emergency Aid
400
Iraq and Afghanistan Service Grant
does not require a financial need
undergraduate students or graduate students
fixed interest rate
interest accrues from the time the loan is disbursed
undergraduate students total aggregated limit: $57,000
graduate students aggregated limit: $138,500
Income-Based Repayment
Payments based on income, not amount owed
Private Loan
Graduated Repayment
Initially low payments are increased every two years