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Listed below are quick summaries of each of the six federal programs: Pell, SEOG, Work-Study, Perkins, Stafford and PLUS. For detailed information on particular programs, click on the program heading.
Pell Grants
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For undergraduates only
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Grant: No repayment
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Students must have Expected Family Contribution of $2100 or less
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Maximum award $2300
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Deadline is May 2, at the END of the school year for which aid is sought
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Students paid directly or school account is credited
Supplemental Education Opportunity Grants (SEOG)
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For undergraduates only
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Grant: No repayment
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For students with exceptional financial need
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Maximum award $4000 (may vary by school)
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Deadline set by school
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Students paid directly or school account is credited
Federal Work-Study (FWS)
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For both undergraduates and graduates
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Undergraduates can receive aid for more than one degree
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Provides jobs both on-campus and off-campus
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Amount earned can't exceed your financial need
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Amount dependent on funds available at each school
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Deadline set by school
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Undergraduates paid by the hour, graduates paid by salary or hourly
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All students paid at least monthly
Perkins Loans
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For both undergraduates and graduates
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Undergraduates can receive aid for more than one degree
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For students with exceptional financial need
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Deadline set by school
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Interest rate: 5%
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Students must sign a promissory note, agreeing to repay
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Under certain conditions, repayment may be postponed or cancelled
Stafford Loans
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For undergraduates and graduates enrolled at least half-time
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Loans available regardless of income, but federal government pays interest while in school on need-based loans
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Loans made by lender (bank / credit union), guaranteed by government; or can be direct loan from government
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Interest rate: Variable up to 8.25% (7.43% thru 6/30/95)
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Deadline is May 2, at the END of the school year for which aid is sought
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Students must sign a promissory note, agreeing to repay
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Under certain conditions, repayment may be postponed or cancelled
Parent Loans for Undergraduate Students (PLUS)
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For parents of dependent undergraduates
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Loans available regardless of income; credit check required
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Loans made by lender (bank / credit union), guaranteed by government
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Interest rate: Variable up to 9% (6.64% thru 6/30/98)
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Parents must sign a promissory note, agreeing to repay
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Maximum award is cost of education minus other aid received
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