The U.S. Federal Government manages many different forms of Student Financial Assistance and certain forms of Loans for parents of students. As with State Governments, these programs change from year to year. It is a good idea to research the latest information available on the World Wide Web or in your Guidance or Financial Aid office.
Pell Grants
These grants help students with proven financial need pay for post high school education. Amounts range from $200 to $2400 per year, and are based on the “entitlement” funds your school receives. Like all grants, they do not have to be repaid. Half time or greater enrollment is required.
Federal Supplemental Education Opportunity Grants (FSEOG)
This program makes additional grants to students with extreme financial need. Like all grants, they do not have to be repaid. Recipients must be eligible for a Pell Grant. Awards range from $100 to $4000 annually. The same general conditions apply to the SEOG as to the Pell Grant.
Perkins Loans (formerly National Direct Student Loans or NDSL)
These low interest loans (typically 5%) are made by schools to the student. The Federal government guarantees the loan, but the loan is made by the school to the student, and you must repay the school. Students must demonstrate need and maintain satisfactory academic performance. As a freshman or sophomore, you may borrow up to $4,500. As a junior or senior, you may borrow up to $9,000. As a graduate student, you may borrow up to $18,000. All these figures are cumulative.
Stafford and Direct Loans (formerly Guaranteed Student Loans)
These are low interest loans made to students directly from the U.S. Government, a bank, or other financial institution. There are limits on amounts that can be borrowed in various student status categories. An undergraduate student can borrow up to a maximum of $17,250 total. A graduate student can borrow up to $54,750 including undergraduate borrowing.
Non-Need Based Federal Student Financial Assistance
ROTC Scholarships in the Army, Navy-Marine Corps, or US Air Force.
These scholarships incur an obligation to serve on Active Duty with the specified branch of the Armed Services.
Service Academies.
The U.S. Military Academy (Army), the U.S. Naval Academy (Navy and Marine Corps), the U.S. Air Force Academy, the U.S. Coast Guard Academy, and the U.S. Merchant Marine Academy each provide a FREE college education, and pay you while you attend. Attendance requires receiving an appointment from a congressman or by competitive admissions examinations, and incurs an Active Duty obligation with the Service involved. The exception is the Merchant Marine, which is not a branch of the US Military Services.
Director of Admissions
United States Military Academy
West Point, NY 10996-1797Director of Admissions
United States Coast Guard Academy
New London, CT 06320-4195Director of Admissions
United States Naval Academy
Leahy Hall
121 Blake Road
Annapolis, MD 21402-5000Director of Admissions
United States Merchant Marine Academy
Steamboat Road
Kings Point, NY 11024Director of Admissions
United States Air Force Academy
Colorado Springs, CO 80840
Montgomery “GI Bill”.
Like former “GI Bills”, this provides for student assistance for veterans who have served on Active Duty through the Veteran’s Administration. In addition, it provides a level of student financial support to members of the Reserve components of the Armed Services, once they have served for a minimum of six months, and even if they have not served on extended Active Duty.
The US Army sponsors a program called the Army College Fund, which, when combined with the GI Bill’s VA student benefits, can add up to $50,000 in Financial Aid for college, at the end of a normal tour of Active Duty.
For the Reservist in any branch of the Armed Forces, or member of the National Guard, the Montgomery GI Bill provides up to $9,036 toward student expenses for graduate or undergraduate training in a VA approved academic program. Full-time students may receive $255 a month for up to 36 academic months. Three-quarters time students may receive $191 per month for up to 48 months, and half-time students $127 per month over up to 72 months of eligibility.
In addition to regular GI Bill benefits for Reservists, Reservists in certain (hard to fill) military occupational skills areas qualify for additional GI Bill benefits (”the MGIB Kicker”) which may be as high as an additional $100 per month.
Remember that VA money, for Active Duty veterans or for Reservists only, is IN ADDITION to the Reservist or Guardsman’s pay for drills attended monthly. Reservist Drill Pay is usually equal to about 1/7th of the monthly base pay for an Active Duty member in the same pay grade and seniority. Serving in the Reserve is a good part time job for any college student.
Harry S. Truman Scholarship Program.
This program provides scholarships to students in the top third of their class enrolled in a study program leading to a career in public service. It requires nomination by your school. A download of basic information off the Foundation Web Site is included in this section.