Federal financial aid is a valuable option to help BYU students pay for their college expenses. BYU offers federal financial aid programs that include Pell Grants, Stafford Loans, and PLUS Loans for eligible students.
Grants are pretty much free money from the government—students are not required to repay them. Student loans, however, must be repaid—but repayment is typically deferred until after graduation.
For information on applying for any of the following types of federal financial aid, see the Financial Aid Application page.
Pell Grants are federal gift-aid for undergraduates who have not earned a bachelor’s degree. The maximum Pell Grant for 2010-2011 was $5,550. The amount students can qualify for is based on need and enrollment.
Stafford Loans are low-interest loans that help students cover the cost of college. There are two types of Stafford Loans: subsidized and unsubsidized. Although they are very similar, the key difference is that the unsubsidized loan accrues interest while students are still in school, while the subsidized loan does not. The type of loan awarded depends on financial need.
PLUS Loans are a good option for parents that are trying to help fund their child’s education. This program allows parents to take out a federal loan to help pay for their child’s college-related expenses.