What is Campus-Based Financial Aid?
Campus-based aid: One more piece of the financing puzzle
Parents, guardians and other family members who support their student's education are understandably anxious about finding sufficient college financial aid to support their loved one's plans. One important source of student financial aid that should not be overlooked is campus-based aid. Such forms of support can provide up to $4,000 a year in supplemental financial aid. For many students, that can mean the difference between attending or not attending college.
So what's included under the phrase campus-based aid? It's actually a broad category, but the name refers to the fact that the support is funneled through the individual institution, and administered by the school's financial aid office. It includes such forms of aid as:
- Federal work-study
- Federal Perkins Loans
- Federal Supplemental Educational Opportunity Grants
Federal work-study provides students part-time jobs, generally on or near campus, to help defray their college expenses. This college financial aid program encourages both community service and work related to the student's major course of study, and the hourly rate of pay is at least minimum wage, but sometimes higher.
Perkins Loans are needs-based low-interest loans offered by the federal government to undergraduate (up to $5,500 a year, or a lifetime ceiling of $27,500) and graduate students (up to $8,000 a year, or a lifetime ceiling of $60,000).
Federal Supplemental Educational Opportunity Grants (FSEOGs) are awarded to undergraduates with exceptional financial needs. Because they are grants, they are not required to be paid back.
Apply for your campus-based financial aid early
Keep in mind that it's important to apply early for all these forms of financial aid. For colleges and universities, the application deadlines are earlier than the deadline for filing the comprehensive FAFSA form.
Learn more about affordable financing options from Charter One
Find additional student financing resources and get helpful information about our TruFit Student Loan™. If you still have questions about financial aid for college, call a student loan specialist at 1-800-721-3969, and we'll help walk you through the process.