More Federal Aid Programs

The most popular and largest form of financial aid comes from the federal government and is commonly referred to as Federal Student Aid. This aid can be applied for by prospective and current college students by using the FAFSA (Free Application for Federal Student Aid).

However, there are many other lesser known types of aid available from the federal government. It is important that current and prospective college students know about them early in the financial aid process as it may impact their decisions regarding the choices of a major, educational plan, and career path.

Below is a list of the types of programs available to undergraduate, graduates, and former students now in the workforce.

Fellowships

Fellowships are programs offered by government agencies, organizations, and colleges and universities. They award aid usually in the form of tuition, fees, books, required supplies, and room and board. In exchange, the student makes a commitment to study a specific major and/or work in a specific field.

Graduate Only

Grants and Scholarships

Grants and scholarships are aid that doesn't need to be repaid. They can be based on financial need or merit and may require that students study a specific major and/or work in a specific field as well as a geographic area in need.

Undergraduate and Graduate
Undergraduate Only
Graduate Only

Loans

Loans are aid that must be repaid and carries other fees and interest. They may be given based on special circumstance and may require that students study a specific major and/or work in a specific field as well as a geographic area in need.

Undergraduate and Graduate
Graduate Only

Service Scholarships

Service scholarships are offers of aid to help pay for school now in exchange for a future commitment. They may be given based on special circumstance and may require that students study a specific major and/or work in a specific field as well as a geographic area in need. Review such offers carefully, as you'll be required to pay back up to the full amount of the scholarship (including penalties) should you decide you don't want to follow through on the agreement afterward.

Undergraduate and Graduate
Undergraduate Only
Graduate Only

Loan Assumption, Cancellation, Forgiveness, and Repayment Programs

There is a difference between a Loan Repayment Plan and a Loan Repayment Program. Loan Repayment Plans pertain to the options available to students for repaying Subsidized and Unsubsidized Direct Loans that were taken out to pay for school.

Loan Repayment Programs pertain to special contracts in which the government agency or organization agrees to assume, cancel, forgive, or repay all or some of an employee's student loan debt. In return, the employee agrees to work in a predetermined career field and/or geographic area for a specific amount of time. If the employee fails to fulfill the obligation, they will usually be required to pay back any portion of the loans that were forgiven, canceled, assumed, or repaid and may have to pay an additional penalty.



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