Online Guide to
College Financial Aid Programs

COLLEGE FINANCIAL AID PROGRAMS

• Air Force ROTC www.unl.edu/afrotc/ varies by location. Military Financial Aid, Service Source: Government Grant, Schools Amount: In addition to covering 75-100% of tuition costs (based upon your academic and air force training performance), recruits receive free medical/dental care, low cost life insurance, vacation with pay, unlimited sick leave with pay, and free space-available air travel Eligibility: Must be a U.S. citizen, full-time student, 18 years old, and physically qualified, be in good moral and academic standing, pass Air Force Officer Qualifying Test, have two academic years remaining, be interviewed by a board of officials, and complete Field Training. Applying: Apply with a local Air Force ROTC recruiter (a list of recruiters can be found at the given internet address). Repayment: You are obligated to serve four years on active duty as a non pilot, navigators typically serve seven years, and pilots serve nine. Military classes mixed with higher education schooling prepare you for a future career. With 75-100% of tuition paid for, it's definitely worth considering for the military minded. Your days will be pretty busy as you'll have officer training courses and responsibilities in addition to your degree-related courses.

• AmeriCorps Programs P.O. Box 438 Beltsville, MD 20704 1-800-942-2677. Community Service Source: Government Financial Aid, Schools Amount: In addition to a living expense of at least $7400/year (which can be used to pay current education expenses or repay loans), workers receive $4725/year for up to two years of community service, uniforms, and health/child care coverage. Eligibility: Any citizen or Permanent Resident 16 years or older with high school experience is eligible to join. NCCC applicants must be between the ages of 17-24. Applying: Joining AmeriCorps is a competitive process in which entrants apply for one of the three programs. Repayment: Workers perform at least 1700 hours of service per year. You can work before or after attending college. Community service looks good on resumes and applications, but you could probably earn a lot more by working a civilian job. Nonetheless, if the challenge appeals to you, this is an impressive way to earn money for college.

• Army ROTC www-tradoc.army.mil/rotc/ varies by location. Military Financial Aid. Service Source: Government Grant, Schools Amount: Offers $5000/year, $9000/year, and $12,900/year awards depending on a student's academic and ROTC program performance, as well as an annual $1500 stipend. Eligibility: Applicants must meet ROTC standards, including qualifying aptitude test scores, being in good moral standing, being at least 17 years of age, and being a high school graduate (or its equivalent). Applying: Applicants apply through their college ROTC unit or the college they are attending. Some schools offer ROTC programs through arrangements with neighboring schools. Repayment: Following college, an enrolled ROTC trainee must serve four years of active duty in the army reserves and agree to a four year obligation to be on a waiting list in the Inactive Ready Reserves. If the military life appeals to you, this is a good way to earn tuition money and gain some valuable experience. Your days will be pretty busy as you'll have officer training courses and responsibilities in addition to your degree-related courses.

• Cooperative Education (Co-Op). Work Source: Schools Amount: Pay varies by company, and expense reimbursement will depend on the policy of the school. If you are in a co-op program for need-based reasons, your earnings will not affect your financial aid. Eligibility: Eligibility varies by the area of study and the type of job Applying: Students apply through the schools and the company they interview with. Repayment: Students work 40 hours a week at a company in a field that interests them; they may also work part time and attend classes part time, depending on the school policy. A good experience for students willing to attend school for a fifth year--it is generally not recommended for school periods less than that. Provides you with excellent experience, money, and a foot in the door when you graduate. For additional information on Cooperative Education programs, contact: National Commission for Cooperative Education 360 Huntington Avenue Boston, MA 02155 Direct PLUS Loan P.O. Box 84 Washington DC 20044 1-800-433-3243

• Loan Source. U.S. Dept. of Education. Amount: Limit is equal to cost of attendance minus any other financial aid you receive. Eligibility: Must pass credit check. Families with good credit histories can borrow to pay education expenses of each child enrolled at least half time. Student and parents must also meet general eligibility requirements. Applying: Your parents must fill out a Direct PLUS Loan Application and Promissory note, available from your school. It isn't necessary to fill out a FAFSA unless your school says so. Repayment: Loan repayments generally begin 60 days after final disbursement. Repayment is up to 10 years, depending on amount borrowed. The variable interest rate, set every June 1, is set at the T-bill rate plus 3.1%, with a cap of 9%. The current interest rate, charged from first disbursement until the loan is paid in full is 8.72%. There is also a fee of 4%, which is deducted from your disbursements. To maximize the loan amount for which you will qualify, pay off your consumer debt to show a clean credit report. Direct Subsidized Stafford Loan P.O. Box 84 Washington DC 20044 1-800-433-3243

• Loan Source. U.S. Dept. of Education. Amount (check for current limits): First year students can borrow up to $2625. Sophomores can borrow up to $3500. Juniors and Seniors can borrow up to $5500. These limits may be higher based on your status and a parent's inability to secure a PLUS loan. Eligibility: Undergrads must meet federal criteria, have financial need as determined by the FAFSA, and be enrolled at least half time. Applying: Submit the FAFSA by the school's deadline. After it is processed, your school will review the results with you and inform you of your loan eligibility. Repayment: You start paying back these loans six months after graduation. The government pays your interest until you begin repayment and during authorized deferment periods. The interest rate, set every June 1, will not exceed 8.25%. Borrowers also pay fees of 4%, which are deducted from the disbursement. Generally considered the better deal of the two kinds of Stafford loans (subsidized and unsubsidized), as the government pays your interest. Direct Unsubsidized Stafford Loan P.O. Box 84 Washington DC 20044 1-800-433-3243

• Loan Source. U.S. Dept. of Education. Amount (check for current limits): First year students can borrow up to $2625. Sophomores can borrow up to $3500. Juniors and Seniors can borrow up to $5500. These rates may be higher based on your status and a parent's inability to secure a PLUS loan. Eligibility: Eligibility is not based on need. You must meet general eligibility requirements. The loan is available to any undergraduate enrolled at least part time who doesn't qualify for a subsidized loan or needs to borrow beyond that loan limit. Applying: Submit the FAFSA by the school's deadline. After it is processed, your school will review the results with you and inform you of your loan eligibility. Repayment: Amount of repayment depends on loan size, length, and interest payments. You are given a grace period until six months after graduation; however, interest starts to accrue from the time the loan is disbursed. The interest rate, set every June 1, will not exceed 8.25%. Borrowers also pay fees of 4%, which are deducted from the disbursement. If you allow the interest to accumulate, it will be capitalized--that is, the interest will be added to the principal amount of the loan and will increase what you have to pay. If you pay the interest as it accumulates (while you're in school), you'll repay less in the long run.

• Employer Tuition Assistance. Work Source: Employer Amount: For those companies which offer it, amount varies by employer and could be affected by length of employment. Eligibility: Eligibility is determined by the company. It may be dependent on length of employment. Applying: Contact your Human Resources Department Repayment: Be sure to look into how leaving your company would affect any tuition assistance. Due to changing tax laws, such assistance has become quite rare. If you're planning way ahead, you may want to look for this benefit with potential employers.

• FFEL PLUS Student Loan 1-800-433-3243. Loan Source: Private Lender Amount: Limit is equal to cost of attendance minus any other financial aid you receive. Eligibility: Must pass credit check. Families with good credit histories can borrow to pay education expenses of each child enrolled at least half time. Student and parents must also meet general eligibility requirements. Applying: Your parents submit a completed PLUS student loan application (available from the school, a lender, or a state agency) to your school. After the school completes its portion, it must be sent to a lender for evaluation. Repayment: Loan repayments generally begin 60 days after final disbursement. Repayment is up to 10 years, depending on the amount borrowed. The variable interest rate, set every June 1, is set at the T-bill rate plus 3. 1%, with a cap of 9%. A fee of up to 4% is deducted from your disbursements. To maximize the loan amount for which you will qualify, pay off your consumer debt to show a clean credit report. FFEL Subsidized Stafford Loan 1-800-433-3243

• Student Loan Source. Private Lender. Amount (check for current limits): First year students can borrow up to $2625. Sophomores can borrow up to $3500. Juniors and Seniors can borrow up to $5500. These limits may be higher based on your status and a parent's inability to secure a PLUS loan. Eligibility: Undergrads must meet federal criteria for need and general eligibilty requirements, attend school at least half-time, and have financial need as determined by the FAFSA. Applying: Submit FAFSA by school's deadline. If school determines you are eligible, complete and submit a Federal Stafford Loan application and Promissory note from your lender. The school certifies the application and sends it back to the lender for disbursement Repayment: You start paying back these loans six months after graduation. The government pays your interest until you begin repayment and during authorized deferment periods. The interest rate, set on June 1, will not exceed 8.25%. Borrowers also pay fees of up to 4%, which are deducted from the disbursement. Generally considered the better deal of the two kinds of Stafford loans (subsidized and unsubsidized), as the government pays your interest while you're in school and during other authorized deferment periods. FFEL Unsubsidized Stafford Loan 1-800-433-3243

• Loan Source: Private Lender Amount (check for current limits): First year students can borrow up to $2625. Sophomores can borrow up to $3500. Juniors and Seniors can borrow up to $5500. These rates may be higher based on your status and a parent's inability to secure a PLUS loan. Eligibility: Eligibility is not based on need. You must meet general eligibility requirements. The student loan is available to any undergraduate enrolled at least part time who doesn't qualify for a subsidized loan or needs to borrow beyond that loan limit. Students must be enrolled at least half time. Applying: Submit FAFSA by school's deadline. If school determines you are eligible, complete and submit a Federal Stafford Student Loan application and Promissory note from your lender. The school certifies the application and sends it back to the lender for disbursement. Repayment: Amount of repayment depends on loan size, length, and interest payments. You are given a grace period until six months after graduation; however, interest starts to accrue from the time the loan is disbursed. The interest rate, set June 1, will not exceed 8.25%. Borrowers also pay fees of up to 4%, which are deducted from the disbursement. If you allow the interest to accumulate, it will be capitalized--that is, the interest will be added to the principal amount of the loan and will increase what you have to pay. If you pay the interest as it accumulates (while you're in school), you'll repay less in the long run.

• Federal Work Study P.O. Box 84 Washington DC 20044 1-800-433-3241 Type: Work Source: U.S. Dept. of Education, Schools Amount: Amount paid depends on the number of hours worked per week (the average is 10 hours). The rate is at least the current minimum wage. Eligibility: Available to undergraduate students with financial need as determined by the FAFSA. Must meet general eligibility requirements. Applying: You are automatically considered for FWS when you submit the FAFSA to apply for federal financial aid. If you accept an FWS position, you can select from a variety of positions. Repayment: You earn money Oointly paid by the federal government and your employer) for working a set number of hours each week. The type of employment will vary depending on the school. The amount of work can't exceed your total FWS award. When assigning work hours, your employer or financial aid advisor will consider your class schedule and your academic progress. Scheduling is usually flexible since you are, first and foremost, a student. You are given a FWS award by the financial aid office, but not a specific job. While there are often good opportunities to find jobs in areas of academic interest (which may lead to research positions and relationships with faculty), there are plenty of other less attractive positions. Be aggressive in your job search and start early.

• Navy ROTC www.nd.edu/-nrotc/ varies by location. Military Financial Aid. Service Source: Government Grant, Schools Amount: 61 universities nationwide offer scholarships worth more than $75,000. Eligibility: Must be a U.S. citizen, at least 17 years old (but under 2 1), or a high school grad (or have passed the GED), meet physical requirements, be in good moral standing (not have a criminal record), and attain qualifying scores on the SAT or ACT. Applying: Application process is separate from college admission process. Applications may be obtained at a local Navy or Marine Corps recruiting office. Repayment: Has service obligation of 8 years, 4 of which are served on active duty following school. Worth looking into if a career in the navy appeals to you. Your days will be pretty busy as you'll have officer training courses and responsibilities in addition to your degree-related courses.

• State Grant Work Study. Work Source: Government, Schools Amount: Amount paid depends on the number of hours worked per week. The rate is at least the current minimum wage. Eligibility: Available to undergraduate students with financial need. You must meet general eligibility requirements and be attending a school in your state of residence. State Work Study may not be available in all states. Applying: Apply through your state higher education agency or school. The application requirements may vary by state. Repayment: You earn money for working a set number of hours each week. The type of work will depend on the school. The amount of work can't exceed your total SWS award. When assigning work hours, your employer or financial aid advisor will consider your class schedule and your academic progress. You may be able to adjust your work schedule around other activities. Often, there are good opportunities to find jobs in areas of academic interest (which may lead to research positions and building relationships with faculty), but there are also plenty of other less attractive positions. Be aggressive in your job search and start early.

• U.S. Army 1-800-USA ARMY. Military Financial Aid. Service Source: Government Grant. Amount: The Army College Fund has two, three, and four-year job programs earning $20,000, $25,000, and $30,000 respectively. In addition, a Loan Repayment Program pays up to $55,000 in college loans. Eligibility: Members must be U.S. citizens in good health and in good moral standing (without a criminal record). Members must also have a high school diploma or GED and be at least 18 years old (17 with parental consent). Applying: Contact your local army recruiter or call 1-800-USA-ARMY. Repayment: Members serve in military positions in the U.S. army for a minimum of two years, gain leadership training, and earn money for college. Serving with the armed forces can get you money for college, course credit, and valuable leadership and skills training. But, the Army is not for the squeamish.