They are called this way, due these programs are based on the administration of the financial aid office of each university; but, first check out because not all universities participate in these programs.
According to your needs and the funds of the university or program, you will receive a determined amount of money. Be careful and sure to apply for a federal aid as soon as you can, because when the money of a program is gone, there are no more awards from that program.
Also, the university establishes its own period of repayment, and generally those are in shorter time than those given by the government.
Federal Supplemental Educational Opportunity Grant (FSEOG):
This program is given for undergraduates and it does not have to be repaid. The first ones in the list will be those with the lowest family contributions.
The payment would be between $100 and $4,000 a year. According to:
- The date of application.
- The university funding.
- The university policies.
- Any other policy of the university office.
Once you are eligible, your university will pay you directly, usually by check, giving you at least, once per term, otherwise, at least twice per academic year.
Federal Work Study:
FWS is oriented for undergraduate and graduate students, giving them part-time jobs in order to help them to earn money to pay their education. These jobs are based in community service and/or related to their studies.
The mount of payment would be higher or equal than the actual federal minimum wage, but you cannot pass your FWS award.
The method of payment is by hour, and it is given by your university directly, or sometimes you, at least monthly. The time work you will work is according to:
- The type of job and its requirements.
- Classes schedule.
- Your academic progress.
- Financial aid administration.
There are different kinds of work, both inside or outside the campus. You will work for your university if you stay inside the campus; but outside the campus, you would work for a private non-profit organization or a public agency, but it must be in the public interest.
In addition, the university you have applied would have certain agreements with private employers; but to get them, you have to study some career that has relevance with the job.
Federal Perkins Loan:
FPL is a low-interest (5 percent) loan, offered to both undergraduate and graduate students with especial financial needs.
The lender is your university but the loan is given by the government, and you must pay the loan to your university. At least, you have to receive two payments in one academic year.
The mount would be between $4,000 to $20,000, as undergraduate student, depending on:
- The date of application.
- Your financial need.
- The funds of the university.
This Loan does not have other charges than the interests; however, you should not miss a payment or pay less because you might have to pay a plus or an expiration plus.
The “grace period” is a term used when the student begins the repayment. Once you graduated or left the university, and you were attending half time university, your grace period is 9 months. Otherwise, you must check with your university to determine how long your grace period is.
Back to Federal Students Aid: FAFSA