FEDERAL ASSISTANCE
QUICK GUIDE
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| Federal Direct Subsidized Student Loan |
Federal Pell Grant |
Federal Perkins Loan |
Federal College Work-study |
Federal Supplemental Educational Opportunity Grant |
Federal PLUS Loan |
Federal Direct Unsubsidized Student Loan |
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Requires FAFSA |
Yes | Yes | Yes | Yes | Yes | No | Yes |
Maximum K-State award per year |
Fr $3,500 Soph $4,500 Ju/Sr $5,500 Grad $8,500 | $400-4,731 | Undergrad $500-2,000 Grad $500-2,500 |
$800-2,500 | $200-700 | Annual limit: cost of education minus aid received | Annual limit: legal annual limit minus subsidized amount received, plus an additional $2,000 |
Maximum |
Undergrad $23,000 Grad $65,000 |
Eligible until first bachelor's degree received | Undergrad $15,000 Grad $30,000 |
Not applicable | Eligible until first bachelor's degree received | Not applicable | Undergrad $23,000 Grad $73,000 |
Must be repaid |
Yes | No | Yes | No | No | Yes | Yes |
Repayment begins |
6 months after graduation or drop below half-time | Not applicable |
9 months after graduation or drop below half-time | Not applicable |
Not applicable |
At disbursement date | 6 months after graduation or drop below half-time |
Interest rate |
6% | Not applicable |
5% | Not applicable |
Not applicable |
8.5% | 6.8% |
Borrower |
Student | Not applicable |
Student | Not applicable |
Not applicable |
Parent and graduate student | Student |
Program description |
Loan: money from lender | Grant: does not have to be repaid | Loan: school is lender | On campus: employee paid biweekly | Grant: does not have to be repaid | Loan: money from lender | Loan: money from lender |
Available to: Undergraduate |
X X X |
X |
X X X |
X X X |
X |
X X X |
X X X |
Financial need
Need-based aid is awarded using the information you supply on the Free Application for Federal Student Aid. In addition, non-need-based programs are available to all students and parents regardless of income. For a quick explanation of need-based and non-need-based programs, see the chart.
Family contribution
Using a formula established by Congress, the information you provide on the Free Application for Federal Student Aid determines how much you and your family are expected to provide toward the cost of your education. This is called your family contribution.
Your family contribution will be the same no matter where you attend college because the same formula is used nationally.
Example
$17,000 Cost of education
-2,000 Family contribution
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$15,000 Financial need
If your annual cost of education is $17,000 and your family contribution is $2,000, you will be eligible for $15,000 in financial aid. If you qualify, your financial need of $15,000 will be met with a financial aid package that combines federal grants, loans, work-study, or K-State scholarships.