Page 1 of 2 FEDERAL STUDENT AID 

AT A GLANCE

WHAT is federal student aid?

Federal student aid comes from the federal government—

specifically, the U.S. Department of Education. It’s money 

that helps a student pay for higher education expenses (i.e., 

college, career school, or graduate school expenses).

Federal student aid covers such expenses as tuition 

and fees, room and board, books and supplies, and 

transportation.

There are three main categories of federal student aid: 

grants, work-study, and loans. Check with your school’s 

financial aid office to find out which programs the school 

participates in.

WHO gets federal student aid?

Every student who meets certain eligibility requirements 

can get some type of federal student aid, regardless of 

age or family income. Some of the most basic eligibility 

requirements are that you must

• demonstrate financial need (for most programs—to

learn more, visit StudentAid.gov/how-calculated);

• be a U.S. citizen or an eligible noncitizen;

• have a valid Social Security number;

• register (if you haven’t already) with Selective Service, if

you’re a male between the ages of 18 and 25;

• maintain satisfactory academic progress in college or

career school; and

• show you’re qualified to obtain a college or career

school education by

○ having a high school diploma or a General 

Educational Development (GED) certificate or a staterecognized equivalent; or

○ completing a high school education in a homeschool setting approved under state law; or

○ enrolling in an eligible career pathways program.

Find more details about eligibility criteria at 

StudentAid.gov/eligibility.

HOW do you apply for federal student aid?

1. Create an FSA ID. Students, parents, and borrowers

should create an FSA ID, made up of a username and

password, to submit their Free Application for Federal

Student Aid (FAFSA®) online and to access U.S.

Department of Education websites. Your FSA ID is used

to confirm your identity and electronically sign your

federal student aid documents. To create an FSA ID,

visit StudentAid.gov/fsaid.

2. Complete the Free Application for Federal Student Aid

(FAFSA®) at fafsa.gov. If you plan to attend college from

July 1, 2017–June 30, 2018, you’ll be able to submit

a 2017–18 FAFSA beginning on Oct. 1, 2016. You’ll

be required to report income and tax information from

2015. Schools and states often use FAFSA information

to award nonfederal aid, but their deadlines vary.

Check with the schools that you’re interested in for their

deadlines, and find state deadlines at fafsa.gov.

NOTE: In the past, you couldn’t submit the FAFSA until

January 1 of the year you planned to attend college. The

change to October 1 is a permanent change, and you’ll

be able to complete and submit your FAFSA as early as

October 1 every year.

3. Review your Student Aid Report. After you apply, you’ll

receive a Student Aid Report, or SAR. Your SAR

contains the information reported on your FAFSA and

usually includes your Expected Family Contribution

(EFC). The EFC is a number (not a dollar amount) used

to determine your eligibility for federal student aid.

Review your SAR information to make sure it’s correct.

The school(s) you list on your FAFSA will get your SAR

data electronically.

4. Contact the school(s) you might attend. Make sure the

financial aid office at each school you’re interested

in has all the information needed to determine your

eligibility. If you’re eligible, each school’s financial aid

office will send you an aid offer showing the amount

and types of aid (from all sources) the school will offer

you. You can compare the aid offers you received and

see which school is the most affordable once financial

aid is taken into account.

HAVE

QUESTIONS?

Contact or visit the following:

• StudentAid.gov

• a college financial aid office

• studentaid@ed.gov

• 1-800-4-FED-AID (1-800-433-3243) toll-free

• 1-800-730-8913 (toll-free TTY for the hearing

impaired)

2017–18
Page 2 of 2

FEDERAL STUDENT AID AT A GLANCE FEDERAL STUDENT AID PROGRAMS 2017–18

Program and Type of Aid Program Information Annual Award Amount (subject to change)

Federal Pell Grant

Grant: does not have 

to be repaid

For undergraduates with exceptional financial need who have not earned 

bachelor’s or professional degrees. 

Visit StudentAid.gov/pell-grant for more information. 

Federal Supplemental 

Educational Opportunity 

Grant (FSEOG)

Grant: does not have 

to be repaid 

For undergraduates with exceptional financial need. Up to $4,000.

Visit StudentAid.gov/fseog for more information.

Teacher Education Assistance 

for College and Higher 

Education (TEACH) Grant

Grant: does not have to be 

repaid unless student fails to 

carry out service obligation

For undergraduate, postbaccalaureate, and graduate students who are completing 

or plan to complete course work needed to begin a career in teaching. As a 

condition for receiving this grant, student must sign a TEACH Grant Agreement 

to Serve in which the student agrees to perform four years of qualifying teaching 

service and meet other requirements. 

Up to $4,000.

Visit StudentAid.gov/teach for more information. 

Iraq and Afghanistan 

Service Grant

Grant: does not have to 

be repaid 

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. 

The grant award can be equal to the maximum 

Federal Pell Grant amount (see above), but cannot 

exceed your cost of attending school.

Visit StudentAid.gov/Iraq-Afghanistan

for more information. 

Federal Work-Study

Work-Study: money is 

earned; does not have 

to be repaid

For undergraduate and graduate students; part-time jobs can be on campus or off 

campus. Money is earned while attending school. 

No annual minimum or maximum amounts.

Visit StudentAid.gov/workstudy for more information.

Direct Subsidized Loan

Loan: must be repaid 

with interest

For undergraduate students who have financial need; U.S. Department of 

Education generally pays interest while the student is in school and during certain 

other periods; student must be at least half-time. Interest rate is 3.76% for loans 

first disbursed on or after July 1, 2016 and before July 1, 2017, and fixed for the 

life of the loan. Visit StudentAid.gov/interest for more information.

Up to $5,500 depending on grade level and 

dependency status.

Visit StudentAid.gov/sub-unsub for more information.

Direct Unsubsidized Loan

Loan: must be repaid 

with interest

For undergraduate and graduate or professional students; borrower is responsible 

for all interest; student must be at least half-time; financial need is not required. 

Interest rate is 3.76% (undergraduate) and 5.31% (graduate or professional) for 

loans first disbursed on or after July 1, 2016 and before July 1, 2017, and fixed for 

the life of the loan. Visit StudentAid.gov/interest for more information.

Up to $20,500 (less any subsidized amounts received 

for same period), depending on grade level and 

dependency status.

Visit StudentAid.gov/sub-unsub for more information. 

Direct PLUS Loan

Loan: must be repaid 

with interest

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; borrower must not have an adverse credit 

history. Interest rate is 6.31% for loans first disbursed on or after July 1, 2016 and 

before July 1, 2017, and fixed for the life of loan. Visit StudentAid.gov/interest for 

more information. 

Maximum amount is cost of attendance minus any 

other financial aid received.

Visit StudentAid.gov/plus for more information.

Federal Perkins Loan

Loan: must be repaid 

with interest

For undergraduate and graduate students with exceptional financial need. Eligibility 

depends on the student’s financial need and availability of funds at the school. For 

questions on Perkins Loan eligibility, students must contact the school’s financial 

aid office. Interest rate is 5% and fixed for the life of the loan. 

Undergraduate students: up to $5,500; graduate and 

professional students: up to $8,000.

Visit StudentAid.gov/perkins for more information. 

Note: The information in this document was compiled in spring 2016. For updates or additional information, visit StudentAid.gov.

LOOKING FOR MORE SOURCES FOR FREE MONEY?

Try StudentAid.gov/scholarships for tips on where to look and for a link to a free online scholarship search.

MAY 2016

Amounts can change annually.

For 2017–18 (July 1, 2017 to June 30, 2018), 

the award amount is up to $5,920.