Grants

The first of the need-based awards are grants.  Grants are direct awards of money which do not require repayment.  They are based entirely on need as determined by analysis on the FAFSA.

PELL GRANTS are awards to help undergraduates with their educational expenses.  The applicant must be enrolled at least half time.  PELL Grants are the foundation of student aid and the basis to determine eligibility for many other types of financial aid. For 2005-2006 the maximum award was $4,050.00.  To apply, you must file a FAFSA. It is important to contact possible colleges to confirm their filing dates.  The latest suggested filing date is February 15 of your senior year if you plan to begin your college career that fall.  However, for the 2007–2008 award year, the application processing will begin in January of 2007, and applications for that year will be accepted until June, 2007.  The Department of Education will then use a standard formula and produce a "Student Aid Report” (SAR) with the EFC (Expected Family Contribution) calculated by the Central Processing System (CPS).  To acquire a FAFSA form, see your counselor in December.  If you do not have exact figures available by the February 15 deadline, it is recommended you file using estimates and meet the deadline rather than wait until all IRS 1040 data is available.  If you file your application using estimates, you will later be asked to send copies of the actual income tax returns.  It is critical to file early during the senior year, or you could jeopardize your eligibility for financial aid. Each year “X” amount of monies is available; when these funds have been awarded and thus depleted, there is no more money available until the following year; therefore, financial funding is awarded on a first-come, first-serve basis.  Apply for a PELL Grant even if you think you are not eligible.  The financial aid office of your college will not consider you eligible for other awards unless you do so.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (FSEOG), unlike PELL Grants,  are campus-based programs to help you pay for undergraduate study and are for students with exceptional  financial need.  Priority is given to those students who are eligible for a PELL Grant. FSEOG monies do not have to be paid back. Grants range from $100 - $4,000 per year.  Grant programs are administered by the financial aid office of the college with funds received from the federal government.  Awards are based on need and the availability of funds; therefore, it is wise to apply early.

Loans

The second of the need-based awards are loans.  Loans, like grants, are based on need and the availability of funds, but unlike grants, the money must be repaid.

PERKINS LOANS are low interest (5%) loans made through a school's financial aid office using funds provided by the federal government. You may borrow $4,000 for each year, up to a total of  $20,000 for undergraduate study. You are charged no interest while you are in school or during the 9-month grace period following graduation, and may be allowed up to 10 years to repay the loan.

STAFFORD LOANS

DIRECT AND FEDERAL FAMILY EDUCATION LOANS differ mainly in the source of the loan funds. The Direct Loan Program funds are lent to you by the U.S. Government. The FFEL Program funds are lent to you by a private lender. These loans are either subsidized or unsubsidized. You may receive both.  A subsidized loan is awarded on the basis of need. You will not be charged any interest before you begin repayment.  An unsubsidized loan is not awarded on basis of need. You will be charged interest from the time the loan is disbursed. If you are a first year student you may borrow $3,500, a second year student $4,500, and if two years are completed, $5,500 a year. The total debt from all Stafford loans is $23,000 for a dependent, undergraduate student and $46,000 as an independent undergraduate student. The interest rate will vary but never exceed 8.25%. You will pay a fee up to 4% of the loan. You have a 6 month “grace period” after leaving school to start repayment.

PLUS LOANS are for parents.  These loans are not based on financial need and are used to pay educational expenses.  Parents must pass a credit check.  The yearly limit on a PLUS loan is equal to the cost of your attendance.  These loans are made by lenders — banks, credit unions, and so forth. Interest will not exceed 9%. Repayment of these loans begins 60 days after the final loan disbursement of the academic year.  Parents are responsible for repaying their PLUS loan, even if their child does not complete his or her education. There is a fee of up to 4% of the loan.

INTEREST RATES ARE SUBJECT TO CHANGE JULY 1 OF EACH YEAR.

Employment Programs

FEDERAL WORK STUDY is a campus-based program for students that provides jobs enabling students to earn money for school with the amount of the award based on need and availability of funds.  Since FWS is based on availability of federal government funds, be smart and apply early.  Both on-campus and off-campus jobs are included in the program.  Off campus usually means employment with a private or public non-profit organization or local, state, or federal agency.  Wages will be at least the current federal minimum wage, but may be higher, depending on the skills required.  The financial aid office determines the amount each student can earn in a given year. The money earned does not have to be paid back.

Scholarships

SCHOLARSHIPS are awards of money (nonrepayable) granted on the basis of student achievement. Typically, scholarship selection is based on academic excellence (GPA and standardized test scores), special talents (athletic, music, drama, etc.), leadership (class offices, student body offices, committee chairmanships), community service (scouting, volunteering), financial need, and written or oral communication.  Major sources of scholarship monies include postsecondary schools, the military, professional, business, fraternal, religious, civic, and union organizations as well as individual donors.  The largest awards of scholarship money come from the individual colleges and universities.  To apply to out-of-state schools, contact the financial aid office of each school for individual applications and additional information.  See your high school counselor for application information for UNLV, UNR, NSC, SNC or CCSN.  There are many scholarships from local donors offering grants from one-hundred dollars to several thousand dollars.  Many such scholarship applications are available through your local high school college counselor.  It is the responsibility of each student to request, complete, and submit the scholarship application in a timely fashion.  Other sources of scholarships may be obtained through research in school libraries, school career centers, the public libraries, or through browsing the Internet.  You will generally find that your research, using these sources, will be just as effective as that conducted by a scholarship search service which charges a fee for their assistance.  Parents should consult their place of employment, credit union, union affiliations, and churches for additional scholarship sources.

FREQUENTLY REQUESTED TELEPHONE NUMBERS

For general information about federal student financial assistance programs, assistance in completing the Free Application for Federal Student Aid (FAFSA), and to be able to obtain federal student aid publications call: 1-800-4-FED-AID (1-800-433-3243)

TTY number for hearing impaired individuals to call with any federal student aid questions.......... 1-800-730-8913

FAFSA on the Web (general information and technical assistance) ............................................ 1-800-801-0576

USEFUL WEB SITES

FAFSA on the Web and Federal School Codes....................................................................... www.fafsa.ed.gov

Student Aid Home Page.............................................................................................. www.studentaid.ed.gov

Funding Your Education..........................................................................................www.studentaid.ed.gov/fye

The Student Guide..............................................................................................www.studentaid.ed.gov/guide