Saving for College the Smart way - 529 Plans          

 

Federal Student Aid Summary of Programs

 

Federal Pell Grant - Does not have to be paid back. Available almost exclusively to undergraduates. Annual award limits for 2006-2007: $400 - $4050.

 

Federal Supplemental Educational Opportunity Grant - Does not have to be paid back. For undergraduates with exceptional financial need; priority is given to Federal Pell Grant recipients. Annual award limits for 2006-2007: $100 - $4000.

 

Federal Work-Study - Money is earned while attending school. For undergraduate and graduate students. Jobs can be on or off campus.

 

Federal Perkins Loan - Loan must be paid back. Interest is charged at 5% for both undergraduate and graduate students. Annual limits for 2006-2007: $4000 maximum for undergraduate students and $6000 maxium for graduate students.

 

Subsidized Direct or FFEL Stafford Loan - Loan must be paid back. U.S. Department of Education pays interest while borrower is in school. Annual limits for 2006-2007: $2625 - $8500.

 

Unsubsidized Direct or FFEL Stafford Loan - Loan must be paid back. Borrower is responsible for interest during the life of the loan. Annual limits for 2006-2007: $2625 - $18,500.

 

Direct or FFEL PLUS Loan - Loan must be paid back. Available to parents of dependent undergraduate students who are enrolled at least half-time.

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