Types of Aid
Financial Aid for college can come from a variety of sources such as; the Federal and State government, Institutions (colleges), and private companies or organizations. The majority of Aid comes from the Federal government. You CANNOT qualify for Federal and State aid unless you file your FAFSA (Free Application for Federal Student Aid) each academic year at www.FAFSA.ed.gov.
Financial Aid can come in the form of grants, scholarships, loans, and work. Grants and Scholarships are free monies that typically do not need to be repaid. Loans may come from the Federal or State government; Intuition or private student loans will need to be repaid over time. Some portions of these loans may be subsidized, which means that interest will not accrue until after graduation. Work programs can be offered through the Federal or Institutional Work-Study Programs. These Programs offer work opportunities for students on or off campus. Allowing students to earn income as they work. This money is typically used for indirect costs like living expenses. If you qualify for a work-study Program it will be listed on your Financial Aid Award Letter.
NEBHE's Tuition Break for New England Residents
For Connecticut, Massachusetts or Rhode Island residents who attend out-of-state colleges within the New England area and pursue special majors not offered by their home-state public colleges, may qualify for regional tuition rates. For information on majors approved for your state, www.nebhe.org/tuitionbreak. The average tuition discount for a full-time student is $7,000.
Learn about the most common types of Aid available below and check your Financial Aid Award Letter to ensure you are receiving the maximum amount of Aid you are eligible for.
Types of Financial Aid
|Program||Program Details||Annual Award Limits|
|Federal Pell Grant||FAFSA Confirmation will list Pell eligibility. Need based Grant Program. Must file FAFSA||Up to $5,645 per academic year|
|Federal Supplemental Opportunity Grant (SEOG)||Based on exceptional financial need. Priority given to Pell Grant recipients. Must file FAFSA.||$100-4,000 per academic year|
|TEACH Grant||For undergraduates, post-baccalaureate or graduate students taking course work to become an elementary or secondary teacher. Must agree to serve minimum of 4 years. Must attend eligible college. Failure to complete service commitment will result in grant funds being converted to Federal Stafford loan. Learn more.||Up to $4,000 per academic year|
|Federal Perkins Loan||Eligibility will be listed on Financial Aid Award Letter. For undergraduate and graduate students. Not all colleges participate in Program. Must file FAFSA||Undergraduate= up to $5,500
Graduate= up to $8,000
|Federal Stafford loan- subsidized||Interest does not accrue while in school or during grace period. Must be at least half time student. Must have financial need. For Undergraduate and graduate students. Must file FAFSA Learn more.||$3,500-$5,500 depending on grade level. See Chart for more information.|
|Federal Stafford Loan- unsubsidized||Interest accrues from time of disbursement and during grace period. Must be at least half time. For Undergraduate and graduate students. Not need based and must file FAFSA - Learn more.||$5,500-$20,500 depending on grade level. See Chart for more information.|
|Federal PLUS Loan||For parents of dependant, undergraduate students or graduate students. Loan is credit based. Interest accrues from time of disbursement. Can use endorser if denied. Parents that are denied for the PLUS loan may be eligible to add an additional $4-5,000 onto their student’s Federal Stafford loan. Contact your college for more information - Learn more.||Up to cost of attendance minus any aid the student receives. Available each year pending credit check.|
|Mass State Grant||Massachusetts’s undergraduate residents with an EFC (Expect Family Contribution) of less than $4,995. Must be enrolled full-time at an eligible institution. Portable to eligible colleges in MA, NH, ME, CT, VT, RI, PA and DC learn more. Must file FAFSA by May 1st.||Up to $1,600 per academic year|
|RI State Grant||Rhode Island undergraduate resident attending college half-time or more. Portable to eligible colleges in U.S., Canada and Mexico. Must file FAFSA by March 1st learn more.||$250-$700 per academic year|
|CT State Grants||The state of Connecticut offers several state grants to eligible residents learn more.||Up to $7,875 per academic year|
Please note that this information is subject to change by the Federal and State government, institutions, and organizations that offer the Aid. We strive to provide the most up-to-date information that is available. Most of the Aid is contingent upon filing the FAFSA application on time and showing financial need as outlined by each granting organization. To learn more about Financial Aid and how to properly apply; consider attending one of our free Financial Aid Seminars or Webinars. Register today at: www.AAA.com/Register.
Loans and the AAA Student Lending Program offered through AAA Southern New England Bank. Rates and terms are subject to change or termination without notice. Loans subject to satisfactory credit approval and Federal government eligibility requirements. AAA Student Lending Program Member Benefits are subject to change or termination without prior notice. Other loans and terms available.
You may qualify for Federal student loans. We encourage students to exhaust Federal student loan options before applying for a Private student loan, as Federal loans are often less expensive and offer the widest variety of repayment options.