| Program | Eligibility and Program Details | Award Amounts (subject to change) |
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| Federal Pell Grant | For undergraduates with financial need who have not earned bachelor's or professional degrees; in some cases, however, a student enrolled in a postbaccalaureate teacher certification program might receive a Federal Pell Grant.
A student can receive a Federal Pell Grant for no more than 12 semesters or the equivalent (roughly six years). | Up to $5,730\nFor details and updates, visit StudentAid.gov/pell-grant |
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| Federal Supplemental Educational Opportunity Grant (FSEOG) | For undergraduates with exceptional financial need; Federal Pell Grant recipients take priority; funds depend on availability at school. | Up to $4,000\nFor details and updates, visit StudentAid.gov/fseog |
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| Teacher Education Assistance for College and Higher Education (TEACH) Grant | For undergraduate, postbaccalaureate, and graduate students who plan to become teachers; recipient must sign Agreement to Serve saying he or she will teach full-time in a high-need field for four complete academic years (within eight years of completing the academic program) at an elementary school, secondary school, or educational service agency serving children from low-income families. | Up to $4,000\nFor details and updates, visit StudentAid.gov/teach |
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| If recipient does not satisfy this requirement, all TEACH Grants must be repaid as Direct Unsubsidized Loans with interest accrued (accumulated) from date the grant was first disbursed (paid to student). |
| Iraq and Afghanistan Service Grant | For students who are not Pell-eligible due only to having less financial need than is required to receive Pell funds; whose parent or guardian died as a result of military service in Iraq or Afghanistan after the events of 9/11; and who, at the time of the parent's or guardian's death, were less than 24 years old or were enrolled at least part-time at an institution of higher education.
A student can receive an Iraq and Afghanistan Service Grant for no more than 12 semesters or the equivalent (roughly six years). | Up to $5,311.71 for grants first disbursed on or after Oct. 1, 2014, and before Oct. 1, 2015\nFor details and updates, visit StudentAid.gov/lraq-Afghanistan |
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| Work-Study: Money that's earned while attending school and that doesn't have to be repaid. For more information on work-study, visit StudentAid.gov/workstudy. |
| Federal Work-Study | For undergraduate and graduate students; jobs can be on campus or off campus; students are paid at least federal minimum wage; funds depend on availability at school. | No annual minimum or maximum amounts
For details and updates, visit StudentAid.gov/workstudy |
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| Loans: Borrowed money for college or career school. You must repay your loans, with interest. For more information on loans, visit StudentAid.gov/loans. |
| Federal Perkins Loans | For undergraduate and graduate students with exceptional financial need; must be repaid to school that made the loan; 5% interest rate. | Undergraduate students: up to $5,500; graduate and professional students: up to $8,000\nFor details and updates, visit StudentAid.gov/perkins |
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| Direct Subsidized Loans | For undergraduate students who have financial need; U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods; student must be at least half-time; 4.66% interest rate for loans first disbursed on or after July 1, 2014, and before July 1, 2015; visit StudentAid.gov/interest for latest information on interest rates. | Up to $5,500, depending on grade level\nFor details and updates, visit StudentAid.gov/sub-unsub |
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| First-time borrowers may not receive this type of loan for more than 150 percent of their program of study; U.S. Department of Education may stop paying interest if student who received Direct Subsidized Loans for maximum period continues enrollment. |
| Direct Unsubsidized Loans | For undergraduate and graduate students; borrower is responsible for all interest; student must be at least half-time; financial need is not required; 4.66% (undergraduate) and 6.21% (graduate or professional) interest rates for loans first disbursed on or after July 1, 2014, and before July 1, 2015; visit StudentAid.gov/interest for latest information on interest rates. | Up to $20,500 (less any subsidized amount received for the same period), depending on grade level and dependency status\nFor details and updates, visit StudentAid.gov/sub-unsub |
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| Direct PLUS Loans | For parents of dependent undergraduate students and for graduate or professional students; borrower is responsible for all interest; student must be enrolled at least half-time; financial need is not required; 7.21% interest rate for loans first disbursed on or after July 1, 2014, and before July 1, 2015. | Maximum amount is cost of attendance minus any other financial aid student receives
For details and updates, visit StudentAid.gov/plus |
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