What are the most common sources of financial aid?

Student financial aid is available from a number of sources, including the federal government, state governments, colleges and universities, and other organizations. Students can receive aid from more than one source.

Federal Financial Assistance

The federal government supplies the largest amount of all student aid, about 75 percent or $35 billion annually. The largest and most popular Federal student aid programs are:

• Federal Pell Grants

  These are need-based grants that were given to just under 3.8 million students for school year 1998-99. In school year 1998-99, the maximum Pell Grant was $3,000.

• Federal Direct and FFEL Stafford Loans

  Direct and FFEL Stafford Loans are the federal government's main form of self-help aid. Direct Stafford Loans are available through the William D. Ford Direct Loan (Direct Loan) Program and FFEL Stafford Loans are available through the Federal Family Education Loan (FFEL) Program. In 1998-99, approximately 5.4 million students received FFEL Stafford Loans and about 3 million received Direct Stafford Loans.

  The terms and conditions of a Direct Stafford or a FFEL Stafford are similar. The major differences between the two are the source of the loan funds, some aspects of the application process, and the available repayment plans. Under the Direct Loan Program, the funds for your loan are lent to you directly by the U.S. government. If your school does not participate in the Direct Loan Program, the funds for your loan are lent to you from a bank, credit union, or other lender that participates in the FFEL program.

  << Previous    1...   42  43  [44]  45  46  ...86    Next >>