The U.S. Department of Education offers two types of low-interest Direct Stafford Loans to students. Subsidized loans are given to students who meet financial-needs eligibility requirements. No interest is charged on subsidized loans while the student is in school. Students do not have to show financial need to get an unsubsidized Direct Stafford Loan, but interest does accrue from the time the loan money is disbursed.
Parents with a dependent child in college can apply for a Direct PLUS Loan To be eligible, the borrower must be the biological or adoptive parent of the student. Stepparents are also eligible in some cases. To be considered a dependent, students generally must be under the age of 24, unmarried, and not a veteran, a ward of the court, or a professional or graduate student. Both parent and student must be U.S. citizens.
A Federal Pell Grant is most often given to undergraduates, and the money awarded does not have to be paid back. In the 2010-2011 school year, the maximum award was $5,550. The grant is determined based on the cost of your particular school, your financial needs, whether you are a part-time or full-time student, and whether you will attend college for an entire year.
The Teacher Education Assistance for College and Higher Education Grant Program offers up to $4,000 each year to a student who will go on to teach in a private or public school serving low-income students. To be eligible, the program applicant must fill out an application and agree to teach for at least four academic years in a high-need field. An applicant must be a U.S. citizen and enrolled in a college, either as an undergraduate or graduate student. an applicant must also be taking teaching classes and meet minimum academic requirements.
The National Science and Mathematics Access to Retain Talent Grant is given during the last two years of a college program. In 2011, grants of up to $4,000 for each year were awarded. You must be a U.S. citizen who is Pell Grant-eligible and majoring in computer science, technology, mathematics, physical science, life science, engineering or a critical-need language. You must also be a U.S. citizen, have a 3.0 grade-point average on a 4.0 scale in courses required for the major and be enrolled at least half-time.