|
In addition to
helping states offer loan forgiveness to teachers, the Federal
Government offers grants,
work-study programs, and
loans to students
needing financial assistance. To be eligible for any federal
assistance, a
Free Application for Federal Student Aid (FAFSA) must be completed.
Below is a brief explanation of the differences between these types of
aid.
The federal
government also sponsors a program for qualified educators to serve in
“high-need” areas. Below is a description of the
“Teach for America”
Program.
Grants:
Grants are awarded
based solely on financial need. Grants don't have to be repaid unless,
for example, you are awarded funds incorrectly.
There are two basic
kinds:
- Pell Grants
are the foundation of federal student aid, to which aid from other
federal and nonfederal sources might be added. Pell Grants are
generally awarded only to undergraduate students—those who haven't
earned a bachelor's or graduate degree. In some limited cases,
however, you might receive a Pell Grant if you're enrolled in a
post-baccalaureate teacher certificate program.
- Federal
Supplemental Educational Opportunity Grant
(FSEOGs) are awarded to undergraduate students with exceptional
financial need—those with the lowest Expected Family Contribution (EFC)
numbers. Federal Pell Grant recipients receive priority for FSEOG
awards.
Federal Work-Study:
Undergraduate or
graduate students can work part-time while in school. Schools are given
a certain amount of work-study funds each year. Federal Work-Study jobs
can be on or off campus, but they must pay at least the current federal
minimum wage. The amount might be higher- depending on the type of work
and the skills required. The school must pay you directly unless you
request that the school make payments to a bank account or use the money
to pay for education-related institutional charges such as tuition,
fees, and room and board. The total Federal Work-Study award depends on
when you apply, your level of financial need, and your school's funding
level. The earlier the application is submitted, the better the chance
of receiving Federal Work-Study funds.
Loans:
Loans, unlike
grants or work-study, are borrowed money that must be repaid,
with interest. These are real loans—just like car loans or mortgages.
Loans cannot be canceled because the education received was sub-par or
because of financial difficulty.
There are several
types of loans:
- Federal
Perkins Loans are made
through participating schools to undergraduate and
graduate/professional students.
·
Stafford Loans are for undergraduate or graduate and professional students made through
one of two U.S. Department of Education programs:
-William D. Ford Federal Direct Student
Loan Program—referred to as Direct Stafford Loans or Direct Loans. The
lender is the U.S. Department of Education; repay Department
-Federal Family Education Loan (FFEL)
Program—referred to as FFEL Stafford Loans or Federal Stafford Loans.
Lender is a bank or credit union, and repayment is made to the loan
holder or its agent.
- PLUS Loans
are loans parents can take out for their dependent undergraduate
children and are made through either the Direct Loan or the FFEL
program mentioned above.
* The above information is included in
The
Student Guide 2005-06. This is a comprehensive guide available on
the
Department of Education’s Federal Student Aid website.
Additional grants and loans
may be found by searching on the following websites. However, practice
caution when applying for non-government grants and scholarships. If
the offering requires any monetary fee for application, it is probably
not a legitimate financial aid resource.
www.finaid.org
www.fastweb.com
www.scholarships.com
Teach For America
Teach For America is a member of
AmeriCorps, the national service network.
Teach For America currently places corps
members in 22 urban and rural "high-need" regions across the United
States. Its mission is to end educational inequality through its
teaching efforts.
- Focused on
recruiting college seniors or recent graduates
- Due to the
shortage of math and science teachers, students majoring in math or
science are more heavily recruited than others (although any
major is eligible)
- Commit two
years to teach in urban and rural public schools
-
While in the
program, you may be eligible to receive forbearance on qualified
student loans during the two years of service
-
Teachers in the
program get paid a salary during the two years of service
Back to Resources |
Auxiliary aids and services will
be
provided upon request to persons with disabilities.
