Even if you don't think you qualify, applying for Federal Financial Aid is worth a try. Here's what you need to know:
- Always apply for Federal Financial Aid, even if you don't think you qualify.
- Pell Grants are funds you receive from the U.S. Federal Government. You don't have to repay them if you use them to pay for school.
- Stafford Loans are funds you borrow from the U.S. Federal Government. You will have to repay them with interest when you finish school.
Federal Financial Aid
Like the Stafford loan, Pell grants are funds received from the U.S. Federal Government. However, unlike federal loans, you don't have to repay a cent of what you receive from a Pell Grant! And unlike many scholarships, you don't have to have exceptional grades or special talents to receive this financial aid. Please click here for more information from the U.S. Department of Education to find out how you qualify and fill out the FAFSA.
The Stafford Loan is funding you borrow from the U.S. Federal Government to pay for your college costs. You do have to repay this money with interest. While it is entirely possible and usually preferable to graduate debt-free from BYU, there may be times when it is strategically appropriate for you to borrow. Click here for more information on the Stafford Loan from the U.S. Department of Education, and click here to learn when it may be advisable for you to take out student loans to pay for your undergraduate degree.