College Ave

• Is this a loan or a grant? This is a Loan

• Does this need to be repaid? Yes, this does need to be repaid

College Ave is a private loan service provider that helps pay for college by helping create a student loan that fits the student’s budget.

Undergraduate Loan:

• Variable rates: 5.59%-16.99% APR

• Fixed rates: 4.43%-16.99% APR

For additional information about loans for College Ave please visit: https://www.collegeave.com/student-loans/undergraduate/

Direct Subsidized Loan

• Is this a loan or a grant? This is a Loan

• Does this need to be repaid? Yes, this does need to be repaid

This option is available for undergraduate students with financial need. Your school determines the amount you can borrow, and the amount may not exceed your financial need.

Direct Subsidized Loans have slightly better terms than Direct Unsubsidized Loans to help out students with financial need.

To receive the loan, you have to be enrolled in school for at least part-time and to apply for the loan you will have to complete the FASFA®.

The U.S. Department of Education pays the interest on a Direct Subsidized Loan:

• while you’re in school at least half-time, OR

• for the first six months after you leave school (referred to as a grace period*), AND

• during a period of deferment (a postponement of loan payments).

For additional information about Direct Subsidized Loans please visit: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

Direct Unsubsidized Loan

• Is this a loan or a grant? This is a Loan

• Does this need to be repaid? Yes, this does need to be repaid

This option is available to undergraduate and graduate students; there is no requirement to demonstrate financial need. Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.

You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.

During periods of time when you are not required to make payments—such as while you are in school, in a deferment, or in a forbearance—your interest will accrue (accumulate) and it will in certain instances be capitalized (which means that your interest will be added to the principal amount of your loan). Whether your unpaid interest capitalizes or not, you are still responsible for paying the interest that accrues. You can always choose to pay the interest that accrues even when you are not required to make a payment. When does unpaid interest capitalize?

For additional information about Direct Unsubsidized Loans please visit: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

Discover® Student Loans

• Is this a loan or a grant? This is a Loan

• Does this need to be repaid? Yes, this does need to be repaid

Discover® Student Loans is a private loan service provider that helps cover 100% of your school expenses and pay 0 fees while in school.

Undergraduate Loan:

• Variable rates: 6.49%-17.37% APR

• Fixed rates: 5.24%-15.99% APR

For additional information about loans from Discover® Student Loans please visit: https://www.discover.com/student-loans/undergraduate.html

Federal Pell Grant

• Is this a loan or a grant? This is a Grant

• Does this need to be repaid? No, this does not need to be repaid

Usually awarded only to undergraduate students that show exceptional financial need. To apply for the Federal Pell Grant, you have to fill out the Free Application for Federal Student Aid (FASFA®) and to stay eligible you must fill out the FASFA® every year. You must also maintain enrollment in an undergraduate course of study at a non foreign school.

Once you have earned your baccalaureate degree, professional degree, or used all 12 terms of your eligibility you can no longer receive the Grant.

The amount for the Grant changes yearly and the maximum amount awarded is $7,395 for the 2023-24 year. The amount you can receive from the grant will depend on:

• The cost of attendance (for your desired school and program)

• If you are a full-time or part-time student

• Your Expected Family Contribution (EFC)

• Your plans to attend the school for the full academic year or half. 

The school you have committed to attend will apply the Grant to your school fees, pay you directly, or use both methods.

For additional information about the Federal Pell Grant please visit: https://studentaid.gov/understand-aid/types/grants/pell

Federal Supplemental Educational Opportunity Grant (FSEOG)

• Is this a loan or a grant? This is a Grant

• Does this need to be repaid? No, this does not need to be repaid

The FSEOG program is administered directly by the financial aid office at each participating school. The FSEGO is for undergraduate students with exceptional financial need. Not all schools participate in this program. To receive this Grant, you need to complete the FASFA® and the financial aid office of the schools that participate in the program will award the grant to students that have the most financial need.

The amount that can be received ranges between $100 and $4000. It depends on your financial aid need, the amount you have received from other scholarships and aid, and the FSEOG funds available at the school.

For additional information about the Federal Supplemental Educational Opportunity Grant (FSEOG) please visit: https://studentaid.gov/understand-aid/types/grants/fseog

Federal Work-Study Program

• Is this a loan or a grant? This is neither a loan nor a grant, but a work-study program where you are paid for the work you do

• Does this need to be repaid? No, this does not need to be repaid

The Federal Work-Study Program provides undergraduates, graduates, and professionals who are full-time or part-time students and have financial need, part-time jobs that will give them the chance to make money to help pay for their education expenses. The jobs students could apply for are related to civic education or related to the student’s program of study. These jobs can be on or off campus. If it is on campus you will work for the school and off campus it will be a private nonprofit organization or public agency.

You will earn at least the current minimum wage. The total work-study award depends on:

• Your level of financial need

• When you applied for the program

• The school’s funding

If you are an undergraduate student you will be paid by the hour, but if you are a graduate or professional student you could be paid by the hour or by salary. The hours you work will depend on your total Federal Work-Study award, your class schedule, and academic progress. The school could pay you once or twice a month and will pay you directly unless you request direct deposits or will use the money towards tuition, fees, and your room and board.

For additional information on the Federal Work-Study Program please visit: https://studentaid.gov/understand-aid/types/work-study

Iraq and Afghanistan Service Grant

• Is this a loan or a grant? This is a Grant

• Does this need to be repaid? No, this does not need to be repaid

If your parent or guardian died as a result of military service in Iraq or Afghanistan, you may be eligible for an Iraq and Afghanistan Service Grant.

Like other federal grants, Iraq and Afghanistan Service Grants provide money to college or career school students to help pay their education expenses. However, Iraq and Afghanistan Service Grants have special eligibility criteria.

You may be eligible to receive the Iraq and Afghanistan Service Grant if you are not eligible for a Federal Pell Grant on the basis of your Expected Family Contribution but:

• you meet the remaining Federal Pell Grant eligibility requirements;

• your parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11; and

• you were under 24 years old or enrolled in college at least part-time at the time of your parent’s or guardian’s death.

If you have questions about your eligibility for the Iraq and Afghanistan Service Grant, please contact the Federal Student Aid office at 1-800-4-FED-AID (1-800-433-3243).

For additional information about the Iraq and Afghanistan Service Grant please visit: https://studentaid.gov/understand-aid/types/grants/iraq-afghanistan-service

Private Student Loans

• Is this a loan or a grant? This is a Loan

• Does this need to be repaid? Yes, this does need to be repaid

These can come from multiple sources such as banks, credit unions or other lenders.

Any student loans that are not federal student loans. These loans do not offer the flexible repayment terms or borrower protections featured by federal student loans. Private student loans are not funded or subsidized by the federal government. The bank or lender – not the federal government – sets interest rates, loan limits, terms, and conditions of private student loans.

While private student loans are all structured differently, they are generally different from federal student loans in several ways and may include:

• Variable interest rates that can rise when interest rates rise during the life of the loan — which can substantially increase your payment

• Fewer options to reduce or postpone payments

• Less flexible repayment options

These should generally be looked at as secondary options, as there are much better primary options for student loans. Please check with your local bank, credit union or other lenders for additional information.

Sallie Mae

• Is this a loan or a grant? This is a Loan

• Does this need to be repaid? Yes, this does need to be repaid

Sallie Mae is another private loan service provider that helps cover 100% of your school expenses for the school year.

Undergraduate Loan:

• Variable rates: 6.37%-16.70% APR

• Fixed rates: 4.50%- 15.49% APR

For additional information about loans from Sallie Mae please visit: https://www.salliemae.com/student-loans/smart-option-student-loan/

Teacher Education Assistance for College and Higher Education (TEACH) Grant

• Is this a loan or a grant? This is a Grant

• Does this need to be repaid? No, this does not need to be repaid unless you do not complete the service obligation in which case the grant is converted to a loan that you must repay, with interest

A Teacher Education Assistance for College and Higher Education (TEACH) Grant is different from other federal student grants because it requires you agree to complete a teaching service obligation as a condition for receiving the grant, and if you don't complete the service obligation, the TEACH Grant will be converted to a loan that you must repay, with interest.

The TEACH Grant Program provides grants of up to $4,000 a year to students who are completing or plan to complete course work needed to begin a career in teaching.

To be eligible for the TEACH Grant, you must do the following:

• Meet the basic eligibility criteria for the federal student aid programs.

• Complete the Free Application for Federal Student Aid (FAFSA®) form.

• Be enrolled at a school that participates in the TEACH Grant Program.

• Be enrolled in a TEACH-Grant-eligible program.

• Meet certain academic achievement requirements (generally, scoring above the 75th percentile on one or more portions of a college admissions test or maintaining a cumulative GPA of at least 3.25). For specific information about the academic requirements, talk to the financial aid office at your college or career school.

• Receive TEACH Grant counseling that explains the terms and conditions of the TEACH Grant service obligation. You must complete counseling each year that you receive a TEACH Grant.

• Sign a TEACH Grant Agreement to Serve or Repay.

For additional information on the Teacher Education Assistance for College and Higher Education (TEACH) Grant please visit: https://studentaid.gov/understand-aid/types/grants/teach