Education

Question 1

Financial Aid Programs

Answer 1

Need Based
- Federal Pell Grant
* only students that have not earned a bachelor degree or professional degree qualify
- Stafford Loan (Subsidized)
* PRIMARY type of financial aid provided by department of education
* student loans: repayment begins after a 6-mo grace period of leaving school
* not appropriate of parents decide to pay
- Federal Perkins Loan Program
* for students with exceptionally LOW EFC
* Expired on 9/30/2017
- Campus-Based Financial Aid
* Federal Supplemental Education Opportunity Grant (FSEOG) - for very low EFC
Not Need Based
- Stafford Loan (Unsubsidized)
- Parent Loans for Undergraduate Students (PLUS)
* dependent on parents’ credit score
- Grad Plus Loan for Graduate Students (PLUS Direct)
* student enrolled in at least half-time at an eligible school
* dependent on student credit score

Question 2

Tax-Advantaged Plans for Education Savings

Answer 2

1. Qualified State Tuition Plans
  o	Prepaid Tuition
  o	529 Plans
  o	529 ABLE Accounts
2. Coverdell Education Savings Accounts
3. Roth IRA
4. Series EE Savings Bonds
5. Uniform Gift to Minor's Act