Financial Aid Resources

It's important that all students who  pursue a higher education know that  resources exist that can help with the financial burden. There are federal work-study programs as well the grants and loans available to students and their parents. Got Tuition? believes this aid should be increased, but we also want to make sure that you know what's out there. Here is a quick summary of current financial assistance opportunities for students and parents.

Be sure to explore all of them, every dollar counts!

Grants (Financial aid that is not repaid.)

• TEACH Grants: These grants provide upfront tuition assistance to qualified undergraduate students who commit to teaching in public schools in high-poverty communities and high-need subject areas. Undergraduate recipients may receive $4,000 a year, with a maximum of $16,000 over four years.
  
  (Graduate recipients may receive a maximum of $8,000 over two years)


• Pell Grants: Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. The maximum Pell Grant scholarship award for the 2008-09 award year (July 1, 2008 to June 30, 2009) is $4,731.


• Other grants

Loans (Financial aid that must be repaid with interest.)

• Stafford Loans: Subsidized Stafford Loans' interest rates will drop to 6% on July 1, 2008 for loans made to undergraduate borrowers. A subsidized loan is awarded on the basis of financial need. If you're eligible for a subsidized loan, the government will pay (subsidize) the interest on your loan while you're in school, for the first six months after you leave school, and if you qualify to have your payments deferred.
  
  Unsubsidized Stafford Loans carry a rate of 6.8% for undergraduate borrowers. Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it's paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay.


• PLUS Loans for parents


• PLUS Loans for graduate and professional degree students

Click here for student aid on the web.

Click here for FinAid -- A comprehensive source of student financial aid information, advice and tools.