Federal Aid Programs

Federal Pell Grant:

A Federal Pell Grant, unlike a loan, does not have to be repaid.  Federal Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor’s or a professional degree.  Amounts can change yearly.  The maximum Federal Pell Grant award was $5,550 for the 2012–2013 award year (July 1, 2012 to June 30, 2013).  The amount a student gets will depend on that student’s financial need, cost of attendance, status as a full-time or part-time student, and plans to attend school for a full academic year or less.

 

Federal Supplemental Educational Opportunity Grant (FSEOG):

Students who will receive Federal Pell Grants and have the most financial need will receive FSEOGs first.  The FSEOG does not need to be repaid.  The FSEOG program is administered directly by the Barrytown College of UTS Financial Aid Office and is therefore called “campus-based” aid.  You can receive between $100 and $4,000 a year, depending on your financial need, when you apply, the amount of other aid you get, and the availability of funds.

Each participating school receives a certain amount of FSEOG funds each year from the U.S. Department of Education’s office of Federal Student Aid.  Once the full amount of the school’s FSEOG funds has been awarded to students, no more FSEOG awards can be made for that year.  In other words, FSEOG funds are first come, first served.  This system works differently from the Federal Pell Grant Program, which provides funds to every eligible student.

 

Federal Work-Study Programs (FWS):

FWS provides part-time in school jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses.  The program encourages community service work and work related to the student’s course of study. FWS jobs may be both on and off campus.

If a student is interested in getting a FWS job while you are enrolled in college or career school, make sure you apply for aid early.  FWS funds are awarded on a first come, first served basis.  A student will earn at least the current federal minimum wage. However, a student may earn more depending on the type of work you do and the skills required for the position.  The amount a student earns cannot exceed his or her total FWS award.

 

Federal Direct Student Loan:

Federal Direct Student Subsidized and Unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.  The U.S. Department of Education (DOE) offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.  Please review, print, and attach your total loan indebtedness at http://www.nslds.ed.gov.  Review the monthly payment your current indebtedness will require using the calculator at http://studentaid.ed.gov.

Subsidized Loan: Direct Subsidized Loans are available to undergraduate students with financial need.  For a subsidized loan, the DOE pays the interest while you’re in school at least half-time, 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).

Unsubsidized Loan: Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.  For an unsubsidized loan, you are responsible for paying the interest during all periods.

 

U.S. Department of Veterans Affairs (VA) Educational Benefits:

The VA provides education benefits to eligible Service members, Veterans, and certain
dependents and survivors.  You may be eligible for one or more of the
following VA education benefit programs:

  • Post-9/11 GI Bill
  • Montgomery GI Bill-Active Duty (MGIB-AD)
  • Montgomery GI Bill-Selected Reserve (MGIB-SR)
  • Reserve Educational Assistance Program (REAP)
  • Post-Vietnam Era Educational Assistance Program (VEAP)
  • National Call to Service (NCS)
  • Survivors’ and Dependents’ Educational
  • Assistance (DEA)

Applying for VA educational benefits is the best method for a veteran to determine his or her eligibility.  Students may apply at http://www.ebenefi ts.va.gov, the nearest VA regional office, or by calling the VA toll-free at 1-888-442-4551 (1-888-GIBILL-1).