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Federal Perkins Loans Article
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Campus Based Financial Aid
from: Kyle BesserThe Federal Supplemental Educational Opportunity Grant (FSEOG), the Federal Work-Study (FWS) and the Federal Perkins Loan programs are called campus-based programs because they are administered directly by the financial aid office of participating schools. Not all schools participate in all three of these federal financial aid programs. Check with the financial aid office of the school you are interested in to find out which federal financial aid programs it participates in.
The amount of financial aid you can receive from each of these financial aid programs depends on your financial need, on the amount of other financial aid aid you receive, and on the availability of federal financial aid funds at your college or career school. The campus based financial aid programs provide a set amount of funds for each participating school to administer each year.
Once the money for a federal financial aid program is allocated, no more federal financial aid awards can be made from that federal financial aid program for that year, so the earlier you apply for federal student aid the better your chances are to be granted federal student aid. Each participating school sets its own deadlines for campus-based funds, and these deadlines are usually earlier than the U.S. Department of Education's deadline for filing a FAFSA.
Federal Supplemental Educational Opportunity Grants
Federal Supplemental Educational Opportunity Grants (FSEOG) are for undergraduates with exceptional financial need. The Federal Pell Grant program provides funds to every eligible student, and federal Pell Grant recipients with the lowest EFCs are the first to get FSEOGs. Like federal Pell Grants, FSEOGs don't have to be paid back.
Depending on when you apply, your financial need, the funding at the school you are attending, and the policies of the financial aid office at your school, you can receive between $100 and $4,000 a year. If you are eligible for federal financial aid funds, your school will credit your account, pay you directly, or combine these methods. The school must pay you at least once per term (semester, trimester or quarter). Schools that do not use semesters, trimesters, or quarters must disburse funds at least twice per academic year.
Federal Work-Study
The Federal Work-Study (FWS) provides part-time jobs for undergraduate and graduate students with financial need to enable them to earn money to help pay education expenses. The FWS program encourages community service work and work related to the student's course of study. You will be paid by the hour if you are an undergraduate directly by the school at least monthly. Wages for the program must equal at least the current federal minimum wage but could be higher depending on the type of work and the skills required. The amount you earn can't exceed your total FWS award.
Federal Perkins Loans
Federal Perkins Loan are low interest loans for both undergraduate and graduate students with exceptional financial need. Federal Perkins Loans are made through a school's financial aid office. The school is the lender, but the loan is made with government funds. Your school will either pay you directly or apply your loan to your school costs. You will receive the loan in at least two payments during the academic year.
Federal Perkins Loans must be paid back, but as long as you are attending school at least half time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment of Federal Perkins Loans. This gives you a grace period in which to find a job.
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