Types of Federal Student Aid
Federal Pell Grants
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded to undergrad students. Pell Grants are determined annually and are dependant of program funding. The amount you receive will depend on current funding, your financial need, your cost to attend school and your status as a full-time or part-time student.
Federal Supplemental Educational Opportunity Grants (FSEOG)
Federal Supplemental Educational Opportunity Grants are for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFCs are the first to be awarded FSEOGs. The amount you receive depends on when you apply, your financial need and the funding at the school you are attending.
Federal Work-Study
Federal work-study provides part-time jobs for undergraduate and graduate students with financial need. Work-Study students are paid by the hour and wages match at least the current federal minimum wage. Wages may be higher depending the work and skills required. The award amount depends on when you apply, your financial need and the funding level at your school.
Federal Perkins Loans
A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with exceptional financial need. These loans are made through a school’s financial aid office. The school is the lender, and the loan is made with government funds. The loan must be repaid.
Federal Stafford Loans
Most schools participate in either the Federal Family Education Loan (FFEL) student loan program or the William D. Ford Federal Direct Loan (Direct Loan) program. Schools usually participate in one program or the other, but some participate in both. The terms and conditions for both loan programs are very similar and the amounts you may borrow are the same because your eligibility is determined through the same criteria as all the other federal aid. The differences between the two programs are the lender and your repayment provisions.
Student Assistance Foundation (SAF) is a nationally recognized, nonprofit organization and we participate in the FFEL student loan program. When savings and scholarships aren’t enough, the Students’ Choice student loan products provided by SAF provide an affordable means for students to pay for school. As a nonprofit lender, surplus from our student loan activities is returned to students through enhanced student loan related services and public benefit programs.