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Grants Grants are

Grants Grants are another form of financial aid. When you complete your FAFSA you are automatically considered for various grants. The bonus with grants is you don’t have to pay them back like loans. Grants are usually divided into the following categories, student-specific, subject-specific, degree level, and minority. Grant recipients are usually financially impaired or disadvantaged in some other way. Many grants are designed for minorities and low-income students. There are state and federal grants. Colleges and universities may offer their own grants; along with some public and private organizations. Federal Grant Examples: Pell Grant The amount you receive is determined by: Your expected family contribution when you fill-out your FAFSA. The cost of your college attendance. Whether you are a full-time or part-time student. Whether you attend the school full term. Academic Competiveness (AC) Grant: Available to undergraduate freshmen and sophomores. With outstanding academic records and demonstrates capabilities of leadership and service. You must also be Pell Grant eligible. National Science and Mathematics Access to Retain Talent Grant (SMART): Available to undergraduate juniors and seniors. Must be studying mathematics, sciences, computer science, or engineering. Must be eligible and receiving the Pell Grant. Finding additional grants: If you want to find criteria specific grants the internet is a useful tool or visit the financial aid office of your intended school. The schools website would also contain information concerning grants. 6

Loans Loans are a tool used when paying for college. A loan does require you to payback the institution that lent you the money. College loans tend to have a lower interest rate, high approval rate, and are deferred while the student is still attending school. The three major loan categories are student loans, parent loans, and private student loans. Subsidized Loans vs. Unsubsidized Subsidized loans- students have demonstrated a financial need by federal regulations; therefore there is no interest during the grace period and deferment periods as long as you are at least in school half-time. Unsubsidized loans- students haven’t shown financial need, so interest is charged throughout all periods. Common Federal Student Loans: Stafford Loan Are offered as both subsidized and unsubsidized loans. Available to undergraduate and graduate students. Limited my maximum amounts each year and the years combined. Have a low interest rate and can be deferred until six months after graduating. Perkins Loan Helps students with extraordinary financial need. Can be used by undergraduates and graduates. Are subject to a much lower annual and lifetime limit. The loans interest is paid for by the federal government while the student is in school. Parent PLUS Loan Allows a student or their parents to borrow money to cover whatever isn’t by additional financial aid. The first payment may be due as early as 60 days after the loan’s reimbursement. Have higher interest rates. Are subject to origination fees. Require less payment and repayments aren’t as flexible. *Take Note: 7

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