DO YOU NEED 

MONEY FOR 

COLLEGE?

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. Aid also can help pay for a computer 

and for dependent care.

There are three main categories of federal student 

aid: grants, work-study, and loans. Check with your 

school to find out which programs your school 

participates in. Information about the federal student 

aid programs is on page 2 of this document.

WHO gets federal student aid?

Our 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 General 

Educational Development (GED) certificate or 

- completing a high school education in a 

homeschool setting approved under state law.

Find more details about eligibility criteria at

StudentAid.gov/eligibility.

Federal Student Aid at a Glance 2013–14

HOW do you apply for federal 

student aid?

1.Complete the Free Application for Federal Student 

Aid (FAFSASM) at www.fafsa.gov.

If you need a paper FAFSA, you can get one from

•	 our website at www.fafsa.gov, where you can 

download a PDF, or

•	 our ED Pubs distribution center at www.edpubs.gov

or toll-free at 1-877-433-7827.

For the 2013–14 award year, you can apply beginning 

Jan. 1, 2013; you have until June 30, 2014, to submit 

your FAFSA. But you need to apply as soon as you 

can! Schools and states often use FAFSA information 

to award nonfederal aid. Their deadlines are usually 

early in the year. You can find state deadlines at 

www.fafsa.gov or on the paper FAFSA. Check with the 

schools you’re interested in for their deadlines.

2.Review your Student Aid Report (SAR). 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 an index number used to determine 

your eligibility for federal student aid. Review your SAR 

information and make any corrections or changes, if 

necessary. The school(s) you list on your FAFSA will 

get your SAR data electronically. 

3.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 award 

letter showing the amount and types of aid (from all 

sources) the school will offer you. You can compare 

award letters from the schools to which you applied 

and see what aid you can receive from each school.

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?

Page 1 of 2
Federal Student Aid Programs 2013–14

Program Type of Aid Program Details Annual Amount

Federal Pell Grant Grant: does not have 

to be repaid

Available almost exclusively to undergraduates 2012–13: up to $5,550

(2013–14 amount not determined as of 

this document’s publication date)

Total amount may not exceed the 

equivalent of six years of Pell Grant 

funding

Federal Supplemental 

Educational Opportunity 

Grant (FSEOG)

Grant: does not have 

to be repaid

For undergraduates with exceptional financial need; Federal Pell 

Grant recipients take priority; funds depend on availability at school

$100–$4,000

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, in 

which case student must 

repay TEACH Grant as Direct 

Unsubsidized Loan with interest 

accrued (accumulated) from 

date grant was disbursed 

(paid out to student)

For undergraduate, postbaccalaureate, and graduate students who 

are or will be taking course work necessary to become elementary or 

secondary teachers; recipient must sign Agreement to Serve saying 

he or she will teach full-time in designated teacher shortage area 

for four complete years (within eight years of completing academic 

program) at elementary or secondary school serving children from 

low-income families 

Up to $4,000 a year; total amount may 

not exceed $16,000

Graduate student: Total amount may not 

exceed $8,000

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; and who, at the time of the parent's or 

guardian's death, were less than 24 years old or were enrolled at 

least part-time at an institution of higher education

Maximum is same as Pell Grant 

maximum; payment adjusted for lessthan-full-time study

Total amount may not exceed the 

equivalent of six years of Iraq and 

Afghanistan Service Grant funding

Federal 

Work-Study

Money earned while attending 

school; does not have to be 

repaid

For undergraduate and graduate students; jobs can be on campus or 

off campus; students are paid at least federal minimum wage

No annual minimum or maximum 

amounts

Federal 

Perkins Loan

Loan: must be repaid with 

interest

For undergraduate and graduate students; must be 

repaid to school that made the loan; 5% rate

Undergraduate students: up to $5,500; 

graduate and professional students: 

up to $8,000

Total amount may not exceed $27,500 

for undergraduates and $60,000 for 

graduate students (including amounts 

borrowed as an undergraduate)

Direct Subsidized Loan Loan: must be repaid with 

interest

For undergraduate students; U.S. Department of Education pays 

interest while borrower is in school and during grace and deferment 

periods (if you receive a Direct Subsidized Loan that is first disbursed 

between July 1, 2012, and July 1, 2014, you will be responsible for 

paying any interest that accrues during your grace period); student 

must be at least half-time and have financial need; 6.8% rate

$3,500–$5,500, 

depending on grade level 

For total lifetime limit, see 

StudentAid.gov/sub-unsub

Direct Unsubsidized 

Loan

Loan: must be repaid with 

interest

For undergraduate and graduate students; borrower is responsible for 

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

required; 6.8% rate

$5,500–$20,500 

(less any subsidized amounts received 

for same period), depending on grade 

level and dependency status

For total lifetime limit, see 

StudentAid.gov/sub-unsub

Direct PLUS Loan Loan: must be repaid with 

interest

For parents of dependent undergraduate students and for graduate 

or professional students; student must be enrolled at least half-time; 

financial need is not required

Borrower is responsible for all interest; 7.9% rate

Maximum amount is cost of attendance 

minus any other financial aid student 

receives; no minimum amount 

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 summer 2012. For updates or additional information, visit StudentAid.gov.

DO YOU NEED MONEY FOR COLLEGE?

Page 2 of 2

Printed: October 2012