The three programs discussed in this section are called campus-based programs because they are administered directly by the financial aid office at each participating school. Not all schools participate in all three programs. The Federal Supplemental Educational Opportunity Grant (FSEOG) Program awards grants; the Federal Work-Study Program offers jobs; and the Federal Perkins Loan Program offers loans. Even though each program is different, they have these characteristics in common:
How much aid you receive depends on such factors as your financial need, the amount of other aid you will receive, and the availability of funds at your school. Unlike the Federal Pell Grant Program, which provides every eligible student with funds, each school participating in any of the campus-based programs receives a certain amount of funds from the Federal Government for each campus-based program each year. When that money is gone, no more awards can be made from that program for that year.
Each school sets its own deadlines for students to apply for campus-based funds. The deadlines will usually be earlier than the U.S. Department of Education’s deadline for filing a federal student financial aid application. Ask your financial aid administrator about the school’s deadlines. You may miss out on aid from these programs if you do not apply early.
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS
What is a Federal Supplemental Educational Opportunity Grant?
A Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional financial need—that is, students with the lowest Expected Family Contributions (EFCs)—and gives priority to students who receive Federal Pell Grants. A Federal Supplemental Educational Opportunity Grant does not have to be paid back.
What is Federal Work-Study?
The Federal Work-Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to your course of study.
What is a Federal Perkins Loan?
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. Your school is your lender. The loan is made with Government funds with a share contributed by the school. You must repay this loan to your school.