Pell Grant
- Available to a student of a low income family or an independent student
- Annual income under $25,000 – $30,000
- Grants range from $0-$5500
Supplemental Education Opportunity Grant (SEOG)
- Available similar as the Pell Grant, to high need families
Work Study
- Student is offered a job on campus
- Student is paid by the college
- Schools receive money from the government to pay the student
- Advantage of work study is that it does not impact financial aid
Perkins Loan
- Current interest rate for the 2013-14 school year is 5% fixed
- This is a loan to the student, paid back by the student
- Paid from the school in the form of a loan
- Not all schools offer the Perkins loan
- Typical loan amount $3,000 – $5,000
- High financial need students
- Interest is deferred while the student is in school
Stafford Loan
Subsidized – Current interest rate for the 2013-14 school year is 3.86% fixed
- This is a loan to the student, paid back by the student
- Need based loan
- Interest is deferred while the student is in school
- Payments on loan begin after graduation
Unsubsidized – Current interest rate for the 2013-14 school year is 3.86% fixed
- This is a loan to the student, paid back by the student
- Non need based loan
- Interest accumulates to the principal while the student is in school
- Payments on loan begin after graduation
Plus Loan
- Current interest rate for the 2013-14 school year is 6.41% fixed
- This is a loan to the parents, paid back by the parents
- Cost of Attendance – Financial Aid = Maximum loan amount
**Reminder: the interest rates listed above are for the 2013-14 school year and they are fixed for the life of the loan. The interest rates are tied to the Treasury and are reviewed and change every year. Contact your student’s college financial aid office to apply for the loans.
Additional Sources of Financial Aid
State Programs
Wisconsin’s program is Wisconsin Covenant. The requirements for Wisconsin’s program are that you are required to be a resident of Wisconsin and attend a state school.
Your Student’s College
After your student has been offered the appropriate Federal programs, some schools may try to fill the remaining need to cover the total cost of attendance.
Merit Aid
Schools may offer merit aid based on the student’s academic achievements or talents.
Outside Scholarships or Grants
Scholarships offered by corporations, i.e. Coke-Cola
Local charitable organizations
Parent’s employers
Student’s high school
QUESTION FROM A LISTENER:
Steve from Central Wisconsin
Has 2 kids that are headed to college in about 2 years.
What’s the timeline for college planning?
