<p>Also many schools, including most State Us, do not promise to meet full need. My daughter has a 0 EFC. Her full need is met (well, less $9 - they must round the aid down or something) but only because she has a sizeable merit scholarship in the mix. Without the merit scholarship, even with the maximum student loans, she would have a gap. Other than small need based institutional grants, a lot of State schools offer only federal and State aid which usually will not be enough to meet the full cost of even a 4 year State U. </p>
<p>Federal Student aid consists mainly of:
**Grants<a href=“do%20not%20have%20to%20be%20repaid”>/B</a>
**Pell:**The maximum for 2008-2009 was $4731 (supposed to increase in 2009-2010). Is EFC based. For 2008-2009 it required an EFC between 0-4041. 0 EFC got the maximum grant then the amount of grant goes down as the EFC goes up, phasing out at 4042.
SEOG: Usually awarded to the neediest students. Schools set their own criteria. At my daughter’s school it requires a 0 EFC and early FAFSA submission. The maximum varies by school. (schools are given a limited amount of SEOG dollars to award so decide how to best allocate the money. Some students meeting the school’s criteria may not get it if funds are depleted).
**ACG:**Freshmen/Sohomores only. $750 freshman/$1300 Sophomore. Requires Pell eligibility and certain academic requirements.
**SMART:**3rd and 4th year students only. maximum = $4,000. Requires pell eligibility and certain majors.
TEACHFor teachers training to teach in certain needed subjects and requires a time commitment teaching in needy districts. If the time commitment is not met the grant reverts to an unsubsidized loan with interest dating back to the disbursment of the loan (ugh).</p>
<p>LOANS
**PERKINS:**Subsidized loan. Neediest students. $4,000 maximum. Limited funding. 5% interest rate. Govt pays the interest until after graduation or dropping below half time plus for a 9 month grace period.
**STAFFORD:**Combination of subsidized and/or unsubsidized. For a freshman the maximum is $5,500 of which a maximum may be subsidized if there is ‘need’. Subsidized 6% this year, dropping each year for the next several years, 6 month grace period. Unsubsidized 6.8%. Interest starts from day 1 but repayment of interest and principal may be deferred until after graduation - interest is capitalized. </p>
<p>WORK STUDY You get a job on campus (or certain off campus community jobs - my daughter works in a Govt lab) and are paid an hourly salary. The benefit of a WS job is that the earnings are not held against you by FAFSA the next year.</p>
<p>I think that is it but it is late and I am tired. There are also parent loans (Plus loans). Some States have grant programs - usually for students staying in state. Schools that promise to meet full need may have their own grant money.</p>
<p>Finaid.org is an excellent source of information on the various federal aid programs.</p>