The U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and loans to more than 13 million students. Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation. Aid also can help pay for other related expenses, such as a computer and dependent care. Thousands of schools across the country participate in the federal student aid programs; ask the schools you’re interested in whether they do!
Federal student aid includes:
Grants — financial aid that does not have to be repaid (unless, for example, you withdraw from school and owe a refund)
Loans — borrowed money for college or career school, which you must repay, with interest
Work-Study — a work program through which you earn money to help you pay for school
Students are required to submit a Free Application for Federal Student Aid form for every year they are enrolled in school to stay eligible for federal student aid.