Federal aid is available for both students and parents. Pell Grants and Federal Supplemental Educational Opportunity Grants are awarded only to students with exceptional financial need, as are low-interest Perkins Loans. Subsidized Stafford Loans are awarded based on financial need, and students are not charged interest until they begin repayment. Unsubsidized Stafford Loans are non-needs based and available to all students meeting eligibility requirements. However, because they're unsubsidized, students are charged interest from the time they receive the loan.
Loans are for creditworthy parents meeting the general eligibility requirements.
Each state has its own aid programs, which may include grants, scholarships, loans, and work study. Some programs are based on financial need, while some are based on other criteria, such as academic performance. Contact a high-school counselor or your state education department for more information. Aid may be based on financial need, academic performance, proposed field of study, special talents or abilities, or some combination of these or other factors. Some programs offer assistance to all families, some base aid on financial need, and others base assistance on criteria such as academic achievement, special talents, athletic ability, proposed field of study, ethnic heritage, or community activities.