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 

state-recognized 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 requirements at 

StudentAid.gov/eligibility.

HOW do you apply for federal student aid?

1. Create an FSA ID.

Students, parents, and borrowers are required to use an 

FSA ID, made up of a username and password, 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.

For the 2016–17 award year, the FAFSA is available from 

Jan. 1, 2016, to June 30, 2017. But you need to apply 

as soon as you can! Schools and states often use FAFSA 

information to award nonfederal aid and their deadlines are 

usually earlier in the year. You can find state deadlines at 

fafsa.gov. Also check with the schools you’re interested in 

for their deadlines.

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.

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)

HAVE

QUESTIONS?

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®

2016–17
Federal Student Aid Programs 2016–17

®

Program 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.

Amounts can change annually. For 2015–16 (July 1, 

2015 to June 30, 2016), the award amount is up to 

$5,775. For details and updates, visit

StudentAid.gov/pell-grant.

Federal Supplemental 

Educational Opportunity 

Grant (FSEOG)

Grant: does not have 

to be repaid

For undergraduates with exceptional financial need. Up to $4,000. For details and updates, visit 

StudentAid.gov/fseog.

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. For details and updates, visit 

StudentAid.gov/teach.

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.

Up to $5,382.30 for grants first disbursed on or after 

Oct. 1, 2015, and before Oct. 1, 2016. For details and 

updates, visit StudentAid.gov/Iraq-Afghanistan.

Federal Work-Study Work-Study: money is 

earned; does not have 

to be repaid

For undergraduate and graduate students; jobs can be on 

campus or off campus. Money is earned while attending 

school.

No annual minimum or maximum amounts. For 

details and updates, visit StudentAid.gov/workstudy.

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 

student is in school and during certain other periods; student 

must be at least half-time. Interest rate is 4.29% for loans 

first disbursed on or after July 1, 2015 and before July 1, 

2016, and fixed for the life of the loan.

Up to $5,500 depending on grade level and 

dependency status. For details and updates, visit 

StudentAid.gov/sub-unsub.

Visit StudentAid.gov/interest for the latest 

information on interest rates.

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 4.29% (undergraduate) and 5.84% (graduate or 

professional) for loans first disbursed on or after July 1, 

2015 and before July 1, 2016, and fixed for the life of the 

loan.

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

for same period), depending on grade level and 

dependency status. For details and updates, visit 

StudentAid.gov/sub-unsub.

Visit StudentAid.gov/interest for the latest 

information on interest rates.

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. Interest rate is 6.84% for 

loans first disbursed on or after July 1, 2015 and before July 

1, 2016, and fixed for the life of the loan.

Maximum amount is cost of attendance minus any 

other financial aid received. For details and updates, 

visit StudentAid.gov/plus.

Visit StudentAid.gov/interest for the latest 

information on interest rates.

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. For details and 

updates, visit StudentAid.gov/perkins.

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

LOOKING FOR MORE SOURCES OF FREE MONEY?

Note: The information in this document was compiled in fall 2015. For updates or additional information, visit StudentAid.gov.

FEDERAL STUDENT AID AT A GLANCE

January 2016

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