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AZ.gov Arizona's Official Website Arizona Commission for Postsecondary Education
Agency Name AZ.gov Arizona's Official Web Site
 
...expanding access and increasing success in postsecondary education for Arizonans 
 

Types of Financial Aid Available

 

Gift Aid: Grants and Scholarships


Generally these programs provide funds to qualified students that do not have to be repaid. On occasion grants are to be repaid when students do not meet the academic obligations of the grant, i.e. do not complete the course of study, do not graduate, etc. Government grants are generally reserved for the most needy students. Grants available in Arizona include:

  • 2 College GraduatesFederal Pell Grant

    1. Maximum amount $4,050 for 2004-5
    2. Available to undergraduate students
    3. The Lower the Expected Family Contribution the greater the amount the student will receive
    4. Approximately $366 million went to Arizonans in 2004-5

  • Federal Supplemental Educational Opportunity Grant (FSEOG)
    1. Maximum $1,000 per year
    2. Available to undergraduate students
    3. Priority to Pell-Eligible students
    4. Awarded on first-come, first served basis
    5. Approximately $10.5 million went to Arizonans in 2004-5

  • Tribal Higher Education Grants

    1. Member or descendent of an American Indian tribe or nation
    2. Attend an accredited institution providing an AA or Bachelor’s degree
    3. Demonstrate financial need

http://www.bie.edu/ParentsStudents/Grants/index.htm

(the Bureau of Indian Affairs)

 

Student and Professor at Computer

  • Arizona/Federal/Institution - Leveraging Education Assistance Partnership (LEAP)
  1. Maximum $2,500 annually; but average is under $700
  2. Based on financial need
  3. A state-federal-institutional matched grant
  4. Approximately $3.4 million went to Arizonans in 2005-6
  5. Offered through the postsecondary institution

  • Arizona Private Postsecondary Education Student Financial Assistance (PFAP)
  1. Maximum $3,000 over 3 years; or up to $1,500 per fiscal year
  2. Eligible Arizona community college graduates who enroll as a full-time student in a baccalaureate degree program at an accredited, baccalaureate degree-granting private postsecondary educational institution
  3. Based on financial need
  4. Approximately $153,000 went to Arizonans in 2005-6
  5. Offered through the postsecondary institution

 

  • ScholarshipsPerson Writing a Check
  1. Awarded to qualified students, often on the basis of academic performance, competition, particular skill, financial need, or a combination of unique characteristics
  2. May be cash or a tuition reduction waiver and generally no repayment is required if academic obligations are met
  3. Given by philanthropic groups, businesses, institutions of higher education, churches, and a myriad of sources
  4. See your high school counselor, the financial aid professional at your college, and complete a search using the following links:

 

http://fastweb.monster.com/index.ptml

(Fast Web Scholarship Search)
Peterson's College Bound Home

(Peterson’s College Bound Home)
http://www.finaid.org/

(FinAid - The Smart Student Guide to Financial Aid)
http://www.collegeanswer.com/index.jsp

(Arizona College Answer) - Gives families tools to tackle college Tuition, preparing for, selecting, applying, paying for, deciding on, and financing a postsecondary education.

  • Athletic Scholarships
    Athlete
  1. Awarded to 1-2% of all college bound student athletes
  2. Some colleges require certification by the NCAA Initial-Eligibility Clearing house and this process must be started by the end of the junior year of high school
  3. There are two types of athletic scholarships the institutional grant and a conference grant.
  4. For more information visit https://web1.ncaa.org/eligibilitycenter/common/

 

 

Self Help Aid: Work Study and Educational Loans

  • Federal College Work-Study Students and Professor in Computer Lab
    1. Government subsidized part-time employment for eligible students
    2. on campus or in the community
    3. Wages start at the current federal minimum wage
    4. Check with your school for more information
    5. Approximately $10.5 million went to Arizonans in 2004-2005
  • Federal Perkins Loans

    1. Subsidized by federal government
    2. Offered only at some colleges and universities
    3. Interest paid by government during school and 9-month grace period
    4. 5% interest rate with 10 year repayment period
    5. Postsecondary institution is the lender
    6. Maximum $4,000 per year for undergraduate study
    7. Approximately $10.6 million went to Arizonans in 2004-5
  • Federal Stafford Loans, Subsidized

    1. Low-interest-rate loans made to undergraduate and graduate students attending accredited colleges and universities at least half time
    2. 2005 rates of 2-4%; interest rate cap of 8.25% APR
    3. Maximum loan amount $23,000 for undergraduates
    4. Maximum loan per year for both independent and dependent students: Year 1-$2,625, Year 2-$3,500, Year 3-$5,500
    5. Government pays the interest rate during school, repayment starts six months after graduation, attending less than ½ time, or leaving school
    6. Eligibility of demonstrated financial need as determined by a federal formula
    7. May be issued by either the federal government or private lending institutions such as banks, credit unions, or the school
    8. Approximately $3 Billion was lent to Arizonans in 2004-5 for all educational loans

  • Federal Stafford Loans, Unsubsidized

    1. Students who do not qualify for a subsidized Stafford loam, or who need more money than is available to them under a subsidized loan for the balance, up to the applicable Federal Stafford limit.Group of Students Walking in Campus
    2. No family income limitations
    3. 2005 rates of 2-4%; interest rate cap of 8.25% APR
    4. Maximum loan amount $23,000 for undergraduates
    5. Maximum loan per year for dependent students: Year 1-$2,625, Year 2-$3,500, Year 3-$5,l500 (Less any Subsidized Stafford loan amounts)
    6. Maximum loan per year for independent students: Year 1-$6,625, Year 2-$7,500, Year 3-$10,500 (Less any Subsidized Stafford loan amounts)
    7. May defer making payments until graduation or leaving school, in which case the accrued interest is capitalized, added to the loan principal, which increases the total repayment amount
    8. Eligible costs include: tuition and fees, room and board, books and supplies, transportation, and living allowance
    9. Approximately $3 Billion was lent to Arizonans in 2004-5 for all educational loans

  • Federal Parent Loans for Undergraduate Students ( Plus) Loans

    1. Parents can borrow for each dependent student who is enrolled in an accredited college or
      university at least half-time
    2. Parents may finance up to the full cost of their student’s education each academic year, minus
      grants and other financial aid the student receives
    3. 2005 rates of 4-6%; interest rate cap of 9.0% APR
    4. Maximum loan amount is cost of education minus any other financial aid awarded
    5. Parents do not have to prove financial need; however, credit checks are required
    6. Usually PLUS borrowers start making payments within 60 days of receiving loan funds.Mentor and Student

  • Private loan programs

      1. Not sponsored by government agencies
      2. Available to students and parents from banks and other sources
      3. The organization offering the loan establishes loan characteristics and eligibility requirements.

http://studentloanxpress.com/
(Student loan programs, services, information and easy-to-use tools for students, parents and schools)
http://www.nasfaa.org/EntrancePDF.aspx?id=3304
(NASFAA’s Cash for College publication that answers questions including: How much will it cost? How will I pay for it?)
http://www.fafsa.ed.gov/
(Free Application for Federal Student Aid – FAFSA – on the web)
www.usafunds.org
(USA Funds, Arizona State Student Loan Guarantor)
Parent and Student Guide to Federal Tax Benefits for Tuition and Fees

 

 

 

 

Steps to College and Financial Aid

 

 

Financial Aid 101

 

 

 

What does College Cost?

 

 

 

 

FAQ's

 

 

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