Guide to MBA Scholarships & Financial Aid Programs

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Financial Aid

The Federal Student Aid programs are the largest source of college financial assistance, each year providing billions of dollars in funding through a variety of methods: as gift aid in the form of grants (money that does not have to be repaid), as self-help aid in the form of work study (job earnings) and loans (money that must be paid back at interest).

The United States Federal Government currently provides educational assistance through the following programs:

• Pell grants
• Stafford loans, available either through the Direct Loan (DL) program or the Federal Family Education Loan (FFEL) program
• PLUS loans for parents (also available through the DL or FFEL programs)
• Consolidation loans (DL or FFEL)
• Federal Work Study (FWS)
• Perkins loans
• Federal Supplemental Educational Opportunity Grants (FSEOG)

Pell Grant

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.

Stafford Loans (Student Loans)

Stafford loans are also known as the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) program. Under the Direct Loan program, the funds for your loan come directly from the federal government. Funds for your FFEL will come from a bank, credit union, or other lender that participates in the program.

PLUS Loans (Parent Loans)

Parents can borrow a PLUS Loan to help pay education expenses if the student is a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school. PLUS Loans are available through the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program.

Learn more about your MBA scholarship and financial aid options by visiting our Financial Aid Guide.