Resources contributed by students and parents
 
Federal Work-Study Program
This program provides an award for potential employment for undergraduate and graduate students as part of their aid packages. Federal work-study is awarded based on financial need. If a student doesn’t qualify for Federal work-study, you can also check with the financial aid office to see if other student employment opportunities may be available.

 
College Savings
You should begin planning early for college attendance. Family resources are the best means of funding your college education. Your family might use a combination of savings bonds, 529 plans, education IRAs, personal savings, home equity loans, and current income to contribute toward college expenses.
States are also stepping in to provide the means for families to start saving early for college by offering programs that are exempt from federal income tax and allow for grandparents or even family friends to contribute. For more information about the College Savings Plans Network or the National Association of State Treasurers, visit www.collegesavings.org.

 
Student Loans
Federal Direct Stafford Loans
Although not every student qualifies for need-based aid, every student at participating schools is eligible for the Federal Direct Loan Program, which typically offers better interest rates and benefits than many other loans. Credit history is not a factor and payments are not required while the student is enrolled at least half time or during any grace periods or deferments.
  • Subsidized Stafford Loans – Awarded to undergraduate students who demonstrate financial need based on the results of the FAFSA. They do not accrue interest while the borrower is enrolled at least half time or when in an eligible deferment.
  • Unsubsidized Stafford Loans – Provide additional funding for undergraduate students, graduate and professional students, and to students whose parents are denied a Federal PLUS Loan. Interest begins to accrue from the date the loan is disbursed, but payments are optional while enrolled in school and during any grace period or deferment.


Federal Direct PLUS Loans
The Federal Direct PLUS loans are for parents or step-parents of dependent undergraduate students and for graduate and professional students. Interest rates are higher than Stafford loans.
  • PLUS Loans – Granted to eligible parents of undergraduate college students based on creditworthiness. Under this loan, parents may borrow the difference between the amount of all financial aid received in the student’s name and the cost of education at a particular institution.
  • Graduate PLUS Loans – Granted to eligible graduate and professional students rather than to parents. You may borrow up to the cost of your education less any other financial aid awarded. Eligibility is not based on need or income, and credit guidelines apply.

 

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