The following information was complied from www.fafsa.ed.gov, www.collegeboard.com, www.ed.gov and www.studentaid.ed.gov

For more information, to check eligibility or to start the application process go to www.fafsa.ed.gov.

Federal Pell Grants

Unlike loans, grants do not have to be repaid. Pell grants are awarded once per year. The amount issued is dependent on financial need, cost of attendance, full time or part time student status and whether the student will attend school for a full academic year. The maximum amount granted for the 2006-2007 academic year was $4,050. The maximum amount for the 2007-2008 academic year has yet to be determined.

Academic Competitiveness Grant (ACG)

The academic competitiveness grant is a new grant program open to first and second year undergraduate students. First year students may receive up to $750 and second year students up to $1,300.

National Science and Mathematics Access to Retain Talent Grant (SMART grant)

The SMART grant is a new grant program open to third and fourth year undergraduate students majoring in mathematics, science, technology, engineering or critical foreign language. Eligible students may receive up to $4,000 per year.

Federal Supplemental Educational Opportunity Grants

Federal Supplemental Educational Opportunity Grants do not have to be repaid and are given to undergraduate students with exceptional need.

Federal Stafford Loans

Federal Stafford Loans are students loans that must be repaid. There are two types of Federal Stafford Loans, subsidized and unsubsidized. If students are eligible for the subsidized loan, they will not be responsible for payment of interest while still attending school and during grace or deferment periods. With unsubsidized loans, the students is responsible for payment of all accrued interest.

Federal PLUS Loans

Federal PLUS loans are unsubsidized and given to parents of dependent undergraduate students enrolled at least half time.

Federal Perkins Loan

Federal Perkins Loans are low interest loans that must be repaid. Eligibility is based on need and given to both undergraduate and graduate students. Maximum loan amounts are $4,000 for undergraduate students and $6,000 for graduate students.