Federal Loans:

Subsidized Loan

A subsidized loan is awarded on the basis of financial need. If you qualify for a subsidized loan, the federal government pays interest on the loan ("subsidizes" the loan) until you begin repayment and during authorized periods of deferment thereafter.

Unsubsidized Loans

An unsubsidized loan is not awarded on the basis of need. If you qualify for an unsubsidized loan, you will be charged interest from the time the loan is disbursed until it is paid in full. You can choose to pay the interest or allow it to accumulate.  If you allow the interest to accumulate it will be capitalized - that is, the interest will add to the principal amount of your loan and will increase the amount you have to repay. If you pay the interest as it accumulates, you will repay less in the long run.

Federal Pell Grants

Pell Grant

A federal Pell grant, unlike a loan, does not have to be repaid.   Pell grants are only awarded to undergraduate students who have not earned a bachelor's or professional degree.  (A professional degree would include a field such as pharmacy or dentistry.)  For many students, Pell grants provide a foundation of financial aid which other aid may be added.

Federal Supplemental Educational Opportunity Grants

FSEOG

A Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional need, that is, students with the lowest Expected Family Contributions (EFC), and gives priority to students who receive Federal Pell Grants.   FSEOG doesn't have to be paid back.

Federal / State Work Study

Work Study

The Work-Study Program provides jobs for undergraduates and graduate students with financial need. They can earn money to help pay education expenses.  The program encourages work related to your course of study.