February 20, 2013 | | Leave a comment It is a shame when would-be college students give up because they are not sure how they will pay for it all. The federal government has made available a whole host of financial aid options to help students cover the cost of school. And there is more than you are probably aware of. Although they are usually the first kind of financial aid you usually hear about, there is more to financial aid than just Pell grants. You may qualify for financial aid! To illustrate just how many financial aid options are available from the federal government, we’ve prepared the following infographic. Before banking on any of these options, however, be sure to visit StudentAid.ed.gov to read all the fine print: Grants Pell Grants – $5500/yr FSEOG – $4000 max/yr TEACH Grants – $4000/yr Iraq and Afghanistan Service Grant – $5500/yr Military Aid ROTC Scholarships VA Education Benefits Limited interest rates No interest accrual Student loan deferment Work Study Your total work-study award depends on: when you apply, your level of financial need, and your school’s funding level. Loans William D. Ford Federal Direct Loan (Direct Loan) Program Direct Subsidized Loans – 3.4%; $9500/yr Direct Unsubsidized Loans – 6.8%; $9500/yr Direct PLUS Loans 7.9%; total cost of attendance minus other financial aid Direct Consolidation Loans The Federal Perkins Loan Program – 5%; $5500/yr Tax Benefits American Opportunity Credit – $2500/student/year Lifetime Learning Credit – $2000/student/year Coverdell Education Savings Account – put away $2,000/yr for student’s expenses Qualified Tuition Programs – save money tax free toward education expenses Student Loan Interest Deduction – deduct up to $2500/yr for interest paid on student loans Still hungry for more info on federal financial aid? Check out this video from the Federal Government on the subject. It’s informative and fun all at the same time!