Types of Financial Aid
Types of Financial Aid
A Free Application for Federal Student Aid (FAFSA) is required to apply for all federal, state, and need-based institutional aid. For all State of Alaska grants and scholarships, your FAFSA must be submitted by June 30th prior to the beginning of the academic year.
General eligibility criteria for each type of financial aid type as well as award amounts is provided by following the links below.
Grants are financial aid awards which do not need to be repaid as long as the student meets academic progress requirements of the granting agency.
Follow the links below to learn more about each grant:
- Federal Pell Grants: Federal Pell grants are awarded to undergraduate students that have no prior bachelor’s or graduate degree. The amount can change yearly and is pro-rated based on credit load. The amount of the Federal Pell Grant funds you may receive throughout your lifetime is limited by federal law to be equivalent of six years of funding. Since the maximum amount of Federal Pell Grant funding you can receive each year is equal to 100%, the six-year equivalent is 600%.Students who receive a Federal Pell Grant and receive an “F” or a “NB” grade in a class must have participated in an academic activity in the class or their Federal Pell Grant may be reduced and the student will be required to repay some of the Federal Pell Grant received for that semester.
- Federal Supplemental Educational Opportunity Grant (FSEOG): FSEOG may be awarded to undergraduate students that are attending at least half-time (6+credits). Funding is limited, therefore priority is given to Federal Pell Grant recipients with an Estimated Family Contribution (EFC) of zero. Priority is also based on the date that FAFSAs are received and processed- therefore, it’s best to apply early.
- Federal TEACH Grant: The TEACH Grant is available to eligible students who are completing or plan to complete course work needed to begin a career in teaching. Service obligations are required to maintain eligibility. If a student does not complete their service agreement, the TEACH grant will be converted to a Direct Unsubsidized Loan which must then be repaid with interest. For more information, visit the Federal Student Aid TEACH website.
- Alaska Education Grant: The Alaska Education Grant (AEG) is a need-based grant offered by the State of Alaska. The deadline to apply is June 30th, although funding is limited so we encourage students to apply as early in the calendar year as possible. For more information, including eligibility criteria, visit ACPE’s website.
Bureau of Indian Affairs (BIA)
The Bureau of Indian Affairs makes grants available to eligible full-time students. Applicants must be at least one-quarter Alaska Native or American Indian. For further information, contact the local BIA area office or Native regional corporation.
Federal Direct Loans allow students and some parents to borrow money to help pay for educationally related expenses through loan programs supported by the federal government. Students that are eligible for a Federal Direct Loan will have it offered on their award letter. They will then have the opportunity to accept or decline all or part of the loan via UAOnline, as outlined on the Financial Aid Checklist.
We recommend that students maximize all grant and scholarship options before borrowing student loans. We also recommend only borrowing what is absolutely needed to cover the cost of education. For assistance with budgeting and student loan repayment, please visit our Financial Aid Tools page [link] or contact the PWSC Student Affairs Office.
For more information on the following Federal Direct Loans offered to eligible PWSC students, visit UAA’s Federal Student Loan website:
- Federal Direct Subsidized Loan
- Federal Direct Unsubsidized Loan
- Federal Direct Parent PLUS Loan
- Alternative Loans: Alternative Educational Loans, also known as Private Educational Loans, consist of any student loan that is not a federal student loan. For more information on these loans, general application instructions, and important considerations, visit UAA’s Alternative Loan website.
Federal Work Study Program
The Federal Work Study Program provides job opportunities for eligible students as determined by financial need which is calculated from the information provided on the FAFSA. These students may earn money to cover part of their educational expenses. The Human Resource office arranges jobs on campus. Students may work up to twenty (20) hours per week during the semester. Wages depend on the job responsibilities and the student’s qualifications. Any PWSC student enrolled in at least 6 credits may inquire and obtain a referral. Since Federal Work-Study funding is limited, we award Federal Work Study to eligible applicants based on FAFSA application date- the earlier you apply, the more likely you are to receive Federal Work Study funds. If you are interested in a Federal Work Study position but were not offered it on your award letter, please contact us directly. For more information please contact the PWSC Student Affairs Office at 907-834-1600 or firstname.lastname@example.org.
PWSC offers internal student scholarships. Visit the Scholarships at PWSC page for more information.