Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 3421 Work-Study Work-study programs give students the oppor- tunity to earn money while they are attending college. Federal work-study programs are designed to help students with financial need earn money for col- lege. Many colleges also sponsor their own work-study programs. Students workinstudentunions,dininghalls,admissionsoffices,andlibraries. Students in work-study programs earn at least minimum wage. While there are broad guidelines regarding the number of hours a student can work, most students work 10-15 hours a week until they have earned the amount stipulated in their award letter. For example, a student who’s been awarded $1,500 for work-study might work in the admissions office 10 hours a week until he/she has earned $1,500. Students apply for work-study by completing the FAFSA. If a student has a financial need, the college may include work-study as part of the student’s financial aid package. These jobs go quickly, so students interested in work- study need to communicate their interest to their college financial aid office as soon as possible. Loans Loans make up over half of all awarded financial aid. When grants, scholarships, and work-study don’t provide enough money to cover a family’s financial need, the student or parent can take out a loan to cover the remaining cost. A variety of loan programs are available. Some loans require financial need; othersdonot. Loansalsohavevaryinginterestratesandrepaymentschedules. The federal government offers the following loans: Direct Loans, PLUS Loans, and Federal Perkins Loans. Direct Loans Direct Loans are made to students, and repayment doesn’t begin until six months after the student has left college. First year students can borrow up to $5,500 a year. Second year students can borrow up to $6,500 a year.