The federal government gives money to colleges to pay students to work on or off campus during the academic year (part time) and in the summer (full time). Pell Grants Federal...
Federal Work-Study The federal government gives money to colleges to pay students to work on or off campus during the academic year (part time) and in the summer (full time).
Pell Grants Federal money for low-income students. Maximum award: $4,000.
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Perkins Loans Low-interest loans for students with the most need. Maximum amount: $4,000 for undergraduates. Repayment begins nine months after graduation.
Stafford Loans Low-interest student loans, both need- and non-need-based. First-year undergraduates are eligible for up to $2,625; second year, $3,500; third, fourth and fifth year, $5,500. Come in two forms: subsidized, need-based Stafford, where the government pays the interest while you’re in school and six months afterward; and unsubsidized, non-need-based Stafford, where you pay the interest.
Supplemental Educational Opportunity Grants These federal grants for low-income students range from $200 to $4,000 a year. Disbursed by the schools, the money goes fast, so it pays to apply (via FAFSA) early.
Washington Promise Scholarship State and federal money awarded to low- and middle-income Washington students who maintain an excellent academic record throughout high school. Maximum award in 2003-04: $930.
Washington State Need Grants State and federal aid to low-income students. Maximum award for 2004-05: $4,650 for students attending private, 4-year colleges.
Institutional Grants and Scholarships The largest source of scholarships are colleges themselves.
Western Undergraduate Exchange Washington residents can get a discount from out-of-state tuition at some Western state schools if they qualify. Qualifications differ among schools, but many take into account test scores and high-school GPA. Eligible students pay 150 percent of the school’s regular tuition, which is considerably less than nonresident tuition. www.wiche.edu/sep
Federal PLUS Loans Unsubsidized loans made to creditworthy parents. Lets you borrow up to the cost of college, minus what you receive in financial aid. Interest is variable but never exceeds 9 percent. No collateral required. You must begin repayment 60 days after you receive the loan.
Merit scholarships Based not on need but on a student’s academic or personal talents. Sometimes referred to as “discounts,” the scholarships often are used to entice students to attend.