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Financial Aid FAQs

What's the difference between a Stafford Loan and a Perkins Loan? Who is eligible to receive federal financial aid? Visit our FAQ's Section to learn more.

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Funding Education Beyond High School	Oct,2009

Financial aid can come in numerous forms. Scholarhips, grants, loans, and tax credits are some of the sources available, to those who qualify, to help you pay for your tuition. Without a doubt, the so-called "free money" is the first place you should start. On this page and in ajoining pages, you will find lots of helpful information on where you can find the applications and go about the process of financing your education. These applications are available at a number of federal and private websites. In addition, you should also pursue both federal and private student loans in order to help you fill the funding gap between the cash you put in and the scholarships and grants you might receive.

How America is Paying for a Higher Education

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National Study: Families Stretching to Pay for Rising College Tuition Costs

A recent national study clearly indicates that people strongly agree that a college degree is now more important than ever. Even in the period of economic uncertainty, most families are trying to reduce costs to pay for the rising costs in higher education. Americans still see a college education as an essential investment. During this, the third year of this lagging economy, American families have tapped out more scholarships and grants and have borrowed more to pay for the rising cost of college tuition. It’s mostly parents footing the bill through the use of 529 college savings plans to make up for the 17 percent increase in college expenses for this year.

American Opportunity Credit

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an online Education Tax Break

Under the American Recovery and Reinvestment Act, more parents and students will qualify over the next two years for a tax credit, the American Opportunity Credit, to pay for college expenses.

The American Opportunity Credit http://www.irs.gov/newsroom/article/0,,id=205674,00.html is not available on the 2008 returns taxpayers are filing during 2009. The new credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.

The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits.

Student Loans

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Federal student loan alternatives

If cash, grants and scholarships have been exhausted, a student can borrow from lending institutions to finance their education. The main loans provided for education finance are Federal Perkins loans, Stafford loans, Parent Loans for Undergraduate Students (PLUS) loans, Grad PLUS loans, and Private Student Loans.

Federal Perkins Loans
The Federal Perkins loan is a low interest (~5%) loan available to both undergraduate and graduate students with exceptional financial need. The Perkins loan is made through the school’s financial aid office. The government lends the funds to the school, but the student must repay the school. Unlike typical private loans, there is no origination fee with the loan. The student is only responsible for paying the interest and principal. Undergraduate students can borrow up to $5,500 per year (maximum $27,500 total) and graduate students can borrow up to $8,000 per year (maximum $60,000 including funds borrowed as an undergraduate student). The amount provided to each student varies by need and funding level at the school. The student must be enrolled at least as a half-time student. Once the student falls below this criteria (graduation, leaves school), he / she has nine months (“grace period”) before the repayment period begins. Please consult the Department of Education website or more details regarding these loans and the repayment guidelines.

Stafford Loans
In addition to the Perkins Loans, the Department of Education administers the Federal Family Education Loan (FFEL) and William D. Ford Federal Direct Loan program (Direct Loan) more generally known as Stafford Loans. Funds from the Direct Loans typically come directly from the federal government, while FFEL loans typically come from banks, credit unions and other financial institutions. The amount available depends on whether the loan is subsidized or unsubsidized.

Yellow Ribbon

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More Money for Veterans

The Yellow Ribbon Program comes under the post 9/11 GI Bill. Private colleges and universities can enter into dollar matching agreements with the U.S. Department of Veterans Affairs to cover any outstanding tuition and fees above those covered by the base GI Bill benefit. Soon even public colleges or universities can enter to cover the costs of non-resident veterans or those enrolled in more expensive programs such as law or business. The American Council on Education is confident a significant number of public and private institutions will be participating in the Yellow Ribbon Program.

Available Federal Student Aid

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July 11, 2009

$83 billion in federal aid has been granted to nearly 14 million post secondary students and their families. A federal site, www.FederalStudentAid.ed.gov is website with instructions on how to qualify for federal student aid. The detailed information at www.FederalStudentAid.ed.gov includes all types of federal student aid including grants and work study. Also highlighted is how to avoid scholarship scams and information about borrower’s rights and repayment information.

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