Federal Supplemental Educational Opportunity Grant:
- It is a grant so it does not need to be repaid
- To get an FSEOG, you must fill out the Free Application for Federal Student Aid (FAFSA®) so your college can determine how much financial need you have. Students who will receive Federal Pell Grants and have the most financial need will receive FSEOGs first.
- You can receive between $100 and $4,000 a year
- CON: Each participating school receives a certain amount of FSEOG funds each year from the U.S. Department of Education’s office of Federal Student Aid. Once the full amount of the school’s FSEOG funds has been awarded to students, no more FSEOG awards can be made for that year.
- PRO: The FSEOG does not need to be repaid.
Federal Perkins Loan:
- Must be repaid because it is a loan
- Must be enrolled in an eligible school at least half-time for a degree program. US citizen with satisfactory grades and no unpaid debts. Get it by applying for FAFSA and signing a contract to pay off the loan
- Your school is lender and only 1,800 institutions offer the loan. The maximum amount receivable for Undergraduate is $5,500 a year or $27,500 for entire schooling. Max amount receivable for Graduates/professional students is $8,000 a year or $60,000 for entire schooling. Max amount receivable for Non-undergraduate/professional students is $11,000 for entire schooling.
- PRO: Get a good amount of money each year and its easy to get because you only have to apply for FAFSA
- CON: Have to pay it back and it's only for certain schools that offer the loan