DO YOU NEED 

MONEY FOR 

COLLEGE? Federal Student Aid at a Glance 2015–16

Page 1 of 2

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’s financial aid office to find out which 

programs the school participates in. Details about the 

federal student aid programs are on page 2 of this 

document.

WHO gets federal student aid? t

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;

• show you’re qualified to obtain a college or 

career school education by

- having a high school diploma or an equivalent 

such as a General Educational Development 

(GED) certificate or 

- completing a high school education in a 

home-school setting approved under state 

law; and

• maintain satisfactory academic progress in 

college or career school.

Find more details about eligibility criteria at

StudentAid.gov/eligibility.

HOW do you apply for federal

student aid?

1.Complete the Free Application for Federal Student 

Aid (FAFSA®) 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 2015–16 award year, the FAFSA is available 

from Jan. 1, 2015, to June 30, 2016. 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 

heir deadlines.

2.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 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 aid offer showing the amount 

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

you. You can compare aid offers from the schools to 

which you applied 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)
Federal Student Aid Programs 2015–16 DO YOU NEED MONEY FOR COLLEGE?

Page 2 of 2

®

Program Type of Aid Program Details Annual Amount

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; in some cases, however, a student enrolled 

in a postbaccalaureate teacher certification program might receive a Federal 

Pell Grant.

A student can receive a Federal Pell Grant for no more than 12 semesters or 

the equivalent (roughly six years).

Up to $5,730

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; Federal Pell Grant 

recipients take priority; funds depend on availability at school.

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, 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 plan to 

become teachers; recipient must sign Agreement to Serve saying he or she 

will teach full-time in a high-need field for four complete academic years 

(within eight years of completing the academic program) at an elementary 

school, secondary school, or educational service agency serving children from 

low-income families.

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; 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.

A student can receive an Iraq and Afghanistan Service Grant for no more than 

12 semesters or the equivalent (roughly six years).

Up to $5,311.71

For grants first disbursed on or after Oct. 1, 

2014, and before Oct. 1, 2015

For details and updates, visit 

StudentAid.gov/Iraq-Afghanistan

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; funds depend on 

availability at school.

No annual minimum or maximum amounts

For details and updates, visit

StudentAid.gov/workstudy

Federal 

Perkins Loan

Loan: must be repaid with 

interest

For undergraduate and graduate students with exceptional financial need; must 

be repaid to school that made the loan; 5% interest rate.

Undergraduate students: up to $5,500; 

graduate and professional students: 

up to $8,000

For details and updates, visit

StudentAid.gov/perkins

Direct Subsidized Loan Loan: must be repaid with 

interest

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

Education pays interest while borrower is in school and during grace and 

deferment periods; student must be at least half-time; 4.66% interest rate 

for loans first disbursed on or after July 1, 2014, and before July 1, 2015; visit 

StudentAid.gov/interest for latest information on interest rates.

First-time borrowers may not receive this type of loan for more than 150% of the 

length of their program of study; U.S. Department of Education may stop paying 

interest if student who received loans for maximum period continues enrollment.

Up to $5,500 depending on grade level

For details and updates, visit

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; 

4.66% (undergraduate) and 6.21% (graduate or professional) interest rates 

for loans first disbursed on or after July 1, 2014, and before July 1, 2015; visit 

StudentAid.gov/interest for latest information on interest rates.

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

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; 7.21% interest rate 

for loans first disbursed on or after July 1, 2014, and before July 1, 2015.

Maximum amount is cost of attendance 

minus any other financial aid student 

receives

For details and updates, visit

StudentAid.gov/plus

Note: The information in this document was compiled in summer 2014. For updates or additional information, visit StudentAid.gov.

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?

Printed: October 2014