Despite substantial investments in financial aid programs, the available aid often falls short of covering the total cost of attendance (Hanson, 2023). Today, college expenses represent 30% of the annual median family income, pushing many students to rely on loans to finance their education (US Census Bureau, 2023). Among student loan borrowers,…

Individual Development Accounts (IDAs), originally chartered under the federal Assets for Independence (AFI) Act in 1998, may provide an opportunity for increasing access to postsecondary education for low-income youth and adults by providing funds through a mix of their own savings and federal and private funds. However, many IDA savers and IDA…

The purpose of the Federal Supplemental Educational Opportunity Grant Program (FSEOG) is to encourage schools to provide grants to exceptionally needy undergraduate students to help pay for postsecondary education. This volume provides information about the FSEOG eligibility and payments. The chapters are: (1) "Participation, Fiscal…

This section of the 2002-2003 Federal Student Aid Handbook is intended for financial aid administrators and counselors who are helping students in the initial phases of the student aid process as they file the Free Application for Federal Student Aid (FAFSA), verify the information they submit, and make corrections and changes to FAFSA…

This publication is intended for financial aid administrators and counselors who are helping students in the initial phases of the student aid process as they file the Free Application for Federal Student Aid (FAFSA), verify the information they submit, and make corrections and changes to FAFSA information. The material in this guide was part of…

This volume describes the Federal Perkins Loan Program, which comprises Federal Perkins Loans, National Direct Student Loans (NDSLs), and National Defense Student Loans (Defense Loans). Perkins Loans and NDSLs are low-interest long-term loans made through school financial aid offices to help needy undergraduate and graduate students pay for…

The Federal Perkins Loan Program comprises Perkins Loans, National Direct Student Loans (NDSLs), and National Defense Student Loans (Defense Loans). Perkins Loans and NDSLs are low-interest (currently 5%), long-term loans made through school financial aid offices to help needy undergraduate and graduate students pay for postsecondary education. No…

The Federal Work-Study (FWS) Program encourages the part-time employment of undergraduate and graduate students who need the income to help pay the cost of their education and encourages FWS recipients to participate in community service activities. This volume describes the ways schools are required to use money from their FWS Program funds to…

The purpose of the Federal Supplemental Educational Opportunity Grant (FSEOG) program is to encourage schools to provide grants to exceptionally needy undergraduate students to help pay for postsecondary education. Giving priority to applicants with exceptional financial need, schools selecting FSEOG recipients must use the selection criteria…

The Federal Perkins Loan Program is comprised of Perkins Loans, National Direct Student Loans (NDSLs), and National Defense Student Loans (Defense Loans). Perkins Loans. Made to students with no outstanding balance on a Defense Loan or NDSL, and NDSLs are low-interest (currently 5%), long-term loans made through school financial aid office to help…

The Federal Work-Study (FWS) Program encourages the part-time employment of undergraduate and graduate students who need the income to help pay the cost of their education and encourages FSW recipients to participate in community service activities. This volume describes the ways schools are required to use money from their FSW Program funds to…

The purpose of the Federal Supplemental Educational Opportunity Grant (FSEOG) program is to encourage schools to provide grants to exceptionally needy undergraduate students to help pay for postsecondary education. Giving priority to applicants with exceptional financial need, schools selecting FSEOG recipients must use the selection criteria…

The "Student Financial Aid Handbook" explains the policies and procedures required for institutions of higher education to administer federally funded student financial assistance programs properly. This volume clarifies a school's responsibility with respect to Stafford and PLUS loans. These loans are offered through two delivery…

This document answers questions about the EFC (expected family contribution) formula used to determine eligibility for financial aid at institutions of higher education. Questions address the following topics: an explanation of EFC, data sources used in EFC calculations, application processing and student notification, selection of the appropriate…

This document answers questions about the Expected Family Contribution (EFC) used to determine eligibility for financial aid at institutions of higher education. Answers are provided for the following questions: What is the EFC? What is the source of data used for EFC calculations? Who processes the application and how is the student notified?…