Types of Financial Aid

1. PLUS Loan

1.1. Parent PLUS loans made by parents

1.2. Grad PLUS loans made by grad students

1.3. Department of Education is the Lender

1.4. Max amount is Cost of attendance minus financial aid received

1.4.1. FAFSA

1.5. Fixed interest rate of 7.08%

1.5.1. Can request deferment but interest compiles

1.5.2. 4.236% loan fee

2. Work Study

2.1. Work while you are a student

2.2. Can be based on your interests

2.3. Undergrad and Grad Students

2.4. With Financial need

2.4.1. Determined by FAFSA

2.5. Focus on community service

3. Grant

3.1. Based on Financial Need

3.1.1. Determined by FAFSA

3.2. Free money

3.3. Ex. Pell Grant

3.4. Given by government

4. Subsidized Loan

4.1. Financial Need

4.1.1. Determined by FAFSA

4.2. Undergraduate Only

4.2.1. Masters and PHD students don't qualify

4.3. School determines amount you need

4.3.1. can't exceed financial need

4.3.2. can't exceed limit on how much you can borrow

4.4. Usually no interest while in college or within 6 months of leaving

4.4.1. Can get deferment

4.5. Government or private

5. Unsubsidized Loan

5.1. Regardless of financial need

5.2. Undergrad or Grad Students

5.3. Interest begins from the time loan is given

5.3.1. Some periods of relief if income driven plan

5.4. School determines amount you need

5.4.1. can't exceed limit on how much you can borrow

5.4.2. Depends on cost of attendance and other financial aid you receive

5.5. Government or private

6. Merit Scholarship

6.1. Free money

6.1.1. Don't pay back

6.2. Must Apply

6.2.1. Don't have to have financial need

6.3. Can be given by school or private company

6.3.1. Very competitive

6.3.2. Amounts vary