Student Loans & Financial Aid info

April 29, 2008

College Campus-Based Aid

Filed under: Uncategorized — student loans.org @ 4:48 pm

The Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work-Study (FWS), and Federal Perkins Loan programs are called campus-based programs because they are administered directly by the federal student financial aid office at each participating school. Not all schools participate in all three programs. Check with your school’s financial aid office to find out which programs they participate in.

How much aid you receive from each of these programs depends on your financial need, on the amount of other aid you have received, and on the availability of funds at your college or career school. Unlike the Federal Pell Grant Program, which provides funds to every eligible student, the campus-based programs provide a certain amount of funds for each participating school to administer each year. When the money for a program is gone, no more awards can be made from that program for that year. So, make sure you apply for federal student financial aid as early as you can. Each school sets its own deadlines for campus-based funds, and those deadlines are usually earlier than the Department of Education’s deadline for filing a FAFSA.

Federal Supplemental Educational Opportunity Grants (FSEOG) is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFCs will be the first to get FSEOGs. Just like Pell Grants, FSEOGs do not have to be paid back.

One can receive between $100 and $4,000 a year, depending on when you apply, your financial needs, the funding at the school you are attending, and the policies of the financial aid office at your school.

If you are eligible, your school will credit your account, pay you directly (usually by check), or combine these methods. Your school must pay you at least once per term (semester, trimester, or quarter). Schools that do not use semesters, trimesters, or quarters must disburse funds at least twice per academic year.

Federal Work-Study (FWS) provides part-time jobs for undergraduate and graduate students with financial needs, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient’s course of study.

You will be paid by the hour if you are an undergraduate. No FWS student may be paid by commission or fee. Your school must pay you directly (unless you direct otherwise) and at least monthly. Wages for the program must equal at least the current federal minimum wage but might be higher, depending on the type of work, you do and the skills required. The amount you earn cannot exceed your total FWS award. When assigning work hours, your employer or federal student financial aid administrator will consider your award amount, your class schedule, and your academic progress.

If you work on campus, you will usually work for your school. If you work off campus, your employer will usually be a private nonprofit organization or a public agency, and the work performed must be in the public interest.

Your school might have agreements with private for-profit employers for Federal Work-Study jobs. This type of job must be relevant to your course of study. If you attend a career school, there might be further restrictions on the jobs you can be assigned.

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