STUDENT FINANCIAL AID - Federal Programs/Grants/Loans

BUREAU OF INDIAN AFFAIRS GRANTS See Department of the Interior - Maximum grant depends on tribal policy. Must have tribal membership or be enrolled in a federally recognized American Indian tribe.

Wisconsin: HEAB has an informal matching arrangement with grant funds awarded by the Federal Bureau of Indian Affairs and Wisconsin tribal governments.

U.S. DEPARTMENT OF EDUCATION

Student Financial Assistance
Programs: Information and links to extensive federal financial aid resources.
Free Application for Federal Student Aid (FAFSA): Virtually all state and federal aid programs require this form. The FAFSA is available from school financial aid offices or can be filled out the online form over the internet. How to apply.
Parents' Loans for Undergraduate Students (PLUS): Parents of dependent students may borrow amounts equal to or less than the cost of attendance minus all other aid received. Student must be enrolled at least half time. Interest rates are based on the T-bill, plus 3.1 percent, with a cap at 9 percent. Lenders must conduct credit history of parents. Interest accrues immediately. Guarantee fee of up to 1 percent and origination fee of 3 percent may be charged.
Pell Grants:Up to $3,000 per year. Based on cost of attendance (COA) and expected family contribution (EFC). See terms
Perkins Loans:Up to $4,000 annually, with a maximum total of $15,000 for all undergraduate years. Interest rate is 5 percent. Nine-month grace period. Minimum monthly payment may be required. Up to 10 years to repay. Based on financial need and campus policy.
Stafford Student Loan:Subsidized need-based loan to students enrolled at least half time up to $2,625 for the first year, $3,500 for the second year of a two-year program. Maximum of $23,000 for undergraduate study. Interest is equal to T-bill + 3.1 percent, not to exceed 9 percent, with no interest charged to the student until six months after the student graduates or loses eligibility. Six-month grace period. Minimum repayment of $600 per year. Up to 10 years to repay. Loans include a guarantee fee up to 1 percent and origination fee of 3 percent.
Supplemental Educational Opportunity Grants (FSEOG):Undergraduate students can receive from $100 to $4,000 based on financial need and campus policy.
Unsubsidized Stafford Loan Program: A loan available to undergraduate and graduate students regardless of need who are enrolled at least half time. The maximum loan is a student's calculated cost of attendance (COA) minus all other financial aid. Students must have applied for all other types of financial aid before being eligible for an unsubsidized loan. The undergraduate loan limit for dependent students is $23,000. Repayment terms, grace period, and interest are the same as the Federal Stafford Loan, except that interest accrues immediately; students can pay monthly interest charge or capitalize until repayment. Loans may include a guarantee fee of up to 1 percent and origination fee of 3 percent.
Work-Study: Working your way through college - On some campuses, work-study programs can help students find career-related jobs. Work-study is usually part of an individual student aid package. Financial aid offices have complete information. Hourly wage and work schedule are determined by federal law and/or the employer. Based on financial need and uniform campus policy.

For questions about this information, contact Mary E. Weber (608) 267-7101

Last updated on 2/25/2008 1:42:56 PM