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The three programs discussed in this section are called campus-based programs because they're administered directly by the financial aid office at each participating school. Not all schools participate in all three programs. The Federal Supplemental Educational Opportunity Grant (FSEOG) Program awards grants; the Federal Work-Study Program offers jobs; and the Federal Perkins Loan Program offers loans. How much aid you receive depends on such factors, as your financial need, the amount of other aid you'll receive, and the availability of funds at your school.
Federal Supplemental Educational Opportunity Grants
A Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional financial need-that is, students with the lowest Expected Family Contributions (EFCs)-and gives priority to students who receive Federal Pell Grants. An FSEOG doesn't have to be paid back.
Federal Work Study
The Federal Work-Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to your course of study.
HOW MUCH WILL I MAKE?
Your Federal Work-Study wages will be at least the current federal minimum wage, but it may be higher, depending on the type of work you do and the skills required. Your total Federal Work-Study award depends on when you apply, your level of need, and the funding level of your school.
HOW WILL I BE PAID?
If you're an undergraduate, you'll be paid by the hour. If you're a graduate student, you may be paid by the hour or you may receive a salary. No Federal Work-Study student may be paid by commission or fee. Your school must pay you at least once a month. Your school must pay you directly.
CAN I WORK AS MANY HOURS AS I WANT?
No. The amount you earn can't exceed your total Federal Work-Study award. When assigning work hours, your employer or financial aid administrator will consider your class schedule and your academic progress.
Federal Perkins Loans/Nursing Loan
A Federal Perkins Loan is a low-interest (5 percent) loan for undergraduate students with exceptional financial need. Your school is your lender. The loan is made with government funds with a share contributed by the school. You must repay this loan to your school.
A Federal Nursing loan is similar to the Perkins loan with the exception that it is only awarded to a student matriculated into the Nursing program.
HOW MUCH CAN I BORROW?
Depending on when you apply, your level of need, and the funding level of the school, you can borrow up to $4,000 for each year of undergraduate study (the total amount you can borrow as an undergraduate is $20,000 if you have completed two years of undergraduate work; otherwise, the total you can borrow is $8,000). The school determines the amount for the Perkins/NUrsing Loan.
IS THERE A CHARGE FOR THIS LOAN?
A Perkins/Nursing Loan borrower is not charged any fees. However, if you skip a payment, make a payment late, or make less than a full payment, you may have to pay a late charge. If your failure to make payments persists, you may have to pay collection costs as well.
WHEN DO I PAY BACK THIS LOAN?
If you're 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 (you may have longer than nine months if you are on active duty with the military). This is called a grace period. If you're attending college less than half-time, check with your financial aid administrator to determine your grace period. At the end of your grace period, you must begin repaying your loan.
You may be allowed up to 10 years to repay.
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