Education

Generally, repayment must begin within sixty days after the final loan disbursement for the academic year. There is no grace period for these loans. This means that interest begins to accumulate at the time the first disbursement is made. Your parents must begin repaying both principal and interest while you are in school.

A Federal Supplemental Educational Opportunity Grant is for undergraduates with exceptional financial need. It is designed for students with the lowest Expected Family Contributions and gives priority to students who receive Federal Pell Grants. A Federal Supplemental Educational Opportunity Grant doesn't have to be paid back. The difference between the Federal Supplemental Educational Opportunity Grant and Federal Pell Grant is that the U.S. Department of Education guarantees that each participating school will receive enough money to pay the Federal Pell Grants of its eligible students. There's no guarantee every eligible student will be able to receive an Federal Supplemental Educational Opportunity Grant. Students at each college may be awarded a Federal Supplemental Educational Opportunity Grant based on the availability of funds at that college. You can receive between $100 and $4,000 a year, depending on when you apply, your level of need, the funding level of the college you're attending, and the policies of the financial aid office where you attend college.

A Federal Pell Grant is different than a loan and does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. Pell Grants provide a foundation of financial aid to which other financial aid may be added. Pell Grants are awarded on a financial need basis. Financial need is calculated by subtracting the Expected Family Contribution "EFC" from the Cost of Attendance. It is the standard formula the U.S. Department of Education uses to evaluate the information you report when you apply. If your Expected Family Contribution is below a certain amount, you will be eligible for a Federal Pell Grant, assuming you meet all other eligibility requirements. The maximum award for the 3011-2012 award year was $5,500. You can receive only one Pell Grant in an award year. How much you get will depend not only on your Expected Family Contribution but also on your cost of attendance, whether you're a full time or part time student, and whether you attend school for a full academic year or less. You may not receive Pell Grant funds from more than one school at a time.

A grant is a monetary gift to qualified undergraduate students, primarily with the most financial need. Eligibility is based on financial need as determined by filling out the FAFSA form. Two types of grants are Federal Pell Grant, and the Supplemental Educational Opportunity Grant. Due to limited funding, Federal Pell Grant recipients are given priority to receive Supplemental Educational Opportunity Grant. This is a federally funded, campus based program administered directly by the financial aid office at each participating school. Not all schools participate in both programs. It is important to apply for financial aid early using the FAFSA form so that both of these programs are available to your family.

The money you earn from Federal Work Study is generally subject to Federal and State income tax but exempt from Social Security taxes. This is provided you are enrolled full time, and work less than half-time.

Grace Period is a short time period after graduation during which the borrower is not required to begin repaying his or her student loans. The grace period may also kick in if the borrower leaves school for a reason other than graduation or drops below half time enrollment. Depending on the type of loan, you will have a grace period of six months for Stafford Loans or nine months for Perkins Loans before you must start making payments on your student loans. The PLUS Loans do not have a grace period.

Graduate Assistantships are either teaching assistantships or research assistantships. Teaching assistantships and research assistantships receive a full or partial tuition waiver and a small living amount. Teaching assistantships are required to perform teaching duties. Research assistantships are required to perform research duties not necessarily related to the student's thesis research.

Internship is a part time job during the academic year or the summer months in which a student receives supervised practical training in a their field. Internships are often very closely related to the student's academic and career goals, and may serve as a preparer to professional employment. Some internships provide very close supervision by a mentor in an apprenticeship like relationship. Some internships provide the student with monetary compensation.

Fellowship is a form of aid given to graduate students to help support their education. Some fellowships include a tuition waiver or a payment to the university instead of tuition. Most fellowships include an amount to cover reasonable living expenses. Fellowships are a form of gift aid and do not have to be repaid.