Have you received your financial aid offer for the upcoming 2024-25 academic year? Currently, aid offers are being distributed to students who are planning to enroll in college or a career technology center in the fall. You may be eligible for various financial aid programs, so it’s important to do your research. Familiarize yourself with the details of each program so that you’re well-informed when you arrive on campus.
It’s possible that you may be eligible for a Pell Grant. The Pell Grant is provided by the federal government based on the financial need of the student. To be eligible for a Pell Grant, students must first complete a FAFSA (Free Application for Federal Student Aid). In the 2022-23 academic year, the Pell Grant program distributed over $27 billion in grants. The maximum Pell Grant amount for the 2024-25 academic year will be $7,395. The Pell Grant is not a loan and does not require repayment. For additional information, please visit StudentAid.gov.
Federal direct student loans are another form of aid that you may be eligible for. Unlike Pell Grants, student loans must be repaid with interest. The interest rates for the 2024-25 academic year are as follows:
Federal Direct Subsidized Loans are student loans offered by the U.S. Department of Education (ED) to help eligible undergraduate students cover the cost of higher education. ED pays the interest on a Subsidized Loan:
- while you’re in school at least half-time,
- for the first six months after you leave school (referred to as a grace period*), and
- during a period of deferment (a postponement of loan payments).
Federal Direct Unsubsidized Loans are also offered by the U.S. Department of Education (ED) and are available to undergraduate and graduate students. There is no requirement to demonstrate financial need for these loans. However, you are responsible for paying the interest on a Direct Unsubsidized Loan throughout your enrollment. To receive financial aid for your educational expenses, all students must complete and submit the FAFSA each year. You can find the FAFSA at FAFSA.gov.