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Learn the Financial Aid Language

Learn the Financial Aid Language to get ahead!

 

Grants

Pell Grant – federal grant by the Department of Education
• Complete Free Application for Federal Student Aid (FAFSA)
• Be a U.S. citizen or eligible non-citizen
• Show demonstrated need
• For undergraduates seeking first bachelor’s degree
• Available to full-time or part-time students (pro-rated if part-time)
• Does not have to be repaid
 

ACG – Academic Competitiveness Grant
• Complete Free Application for Federal Student Aid (FAFSA)
• Be a U.S. citizen or eligible non-citizen
• Show demonstrated need
• Pell eligible
• Awarded to first and second year students
• Complete rigorous high school program
 

SEOG – Supplemental Educational Opportunity Grant
• Complete Free Application for Federal Student Aid (FAFSA)
• Be a U.S. citizen or eligible non-citizen
• Show demonstrated need
• Available to full-time or part-time students (pro-rated if part-time)
• Does not have to be repaid
States also offer their own state grants.

Scholarships

Institutional – school awarded scholarships based on academics, athletics, extracurricular, leadership, etc.
Miscellaneous – scholarships sponsored by corporate companies, organizations, businesses, student’s high school


Loans

Unsubsidized loan- accrues interest while you are in school and during repayment
Subsidized- DO NOT accrue interest while you are in school and during repayment

Stafford – loans awarded in two forms (1) subsidized and (2) unsubsidized
• Complete the Free Application for Federal Student Aid (FAFSA)
• Not based on need
• Supplements additional cost not covered by financial aid
• Co-signer not required
• Loan set at a fixed rate
• No payment while student is enrolled in school
• Subsidized loan interest is paid by the government, student pays loan
• Unsubsidized loan and interest paid by the student
 

Perkins – based on “exceptional” or extreme” need
• Complete the Free Application for Federal Student Aid (FAFSA)
• Co-signer not required
• Subsidized by the government
Parent PLUS – Parent Loan for Undergraduate Student
• Available to parents to cover additional college cost for student
• Unsubsidized loan
• Accrues interest while student in school
• Payment begins after last installment paid

Work Study

Federal Work Study (FWS)
Employment can be on or off campus. In order to qualify for Work study you must:
• Complete the Free Application for Federal Student Aid (FAFSA)
• Show demonstrated needed
 

Non Federal Work Study
Employment is not based on need. Check with your college for job opportunities. In order to qualify for Non Federal Work Study you must:
• Complete the Free Application for Federal Student Aid (FAFSA)
• Not be eligible for Federal Work Study

Get More Information About FInancial Aid HERE!

Funded by the City of San Antonio
Managed by the San Antonio Education Partnership