The U.S. Department of Education has the following major Student Financial Assistance (SFA) Programs:
Grants
This is assistance you do not repay.
Loans
Loans are assistance you must repay with interest.
- Stafford Loans are low-interest loans that can be repaid after graduation. Interest rates are low compared to a typical consumer loan.
- PLUS Loans (PLUS) are government guaranteed loans that are not based on financial need that help parents pay for their children’s undergraduate education.
- Consolidation Loans enable borrowers to combine several types of federal student loans with various repayment schedules into one loan.
Work Study Programs
This allows you to work during school to earn money to reduce your education expenses.
- Federal Work-Study programs allow undergraduates and graduates to work in their field of study or perform community service work in order to earn money to defray education expenses. This is in the form of campus-based employment.
Undergraduates may receive grants, loans, and Federal Work-Study. Graduate students may receive loans and Federal Work-Study, but not Federal Pell Grants (except for very special situations).
