| Type of financial aid |
What is it based on? |
What are the sources of this aid? |
Do I have to pay this back? |
Sources of Aid |
Amount |
| Grant |
Demonstrated financial need and satisfactory academic progress while in school |
Usually the federal or state government |
No |
Federal |
| Pell Grant (estimated) |
$400 - $3,750/academic year |
| Supplemental Education Opportunity Grant (SEOG) |
$500 - $2,000/ academic year |
| MA State |
| Mass Grant |
$300 - $2,300/ academic year |
| Gilbert Grant |
To attend nursing school
$200 - $2,500/ academic year |
| Part-time Grant |
$200 - maximum depends on the type of institution the student attends |
| Scholarship |
Based on merit or academic excellence |
Government, private sources (foundations, professional associations, civic organizations, etc.), and the school that you attend |
Scholarship |
Based on merit or academic excellence |
| Student Loans |
Available to anyone |
Federal and state government, colleges, banks, and private lenders. There are subsidized and unsubsidized loans which have different rates. |
Yes - Offered at a low interest rate. Interest and principal must be repaid over an extended period of time, often beginning within a year of graduation with 10 years to repay.
| Federal |
| Perkins Loan |
$500-$3,000 |
| Subsidized Stafford Loan |
-freshmen $2,625/yr max
-sophomores $3,500/yr max
-juniors & seniors $5,500/yr max |
| Unsubsidized Stafford Loan |
Loan amounts same as Subsidized Stafford Loan minus amounts borrowed under that program.
Repayment of interest NOT automatically deferred. |
| Parent Loan for Undergraduate Students (PLUS) |
Parent may borrow up to cost of education (per child) minus other financial aid |
| MA State |
| Massachusetts No Interest Loan Program |
$1,000 - $4,000/ academic year |
| MEFA Loan (quasi state aid) |
www.mefa.org |
| Private |
| TERI Alternative Loan |
www.tericollegeaccess.org |
| Sallie Mae's Signature Student Loan |
www.salliemae.com |
| Categorical tuition waivers |
People who fall into designated categories such as: veterans, those who 60 and older, Native Americans, members of the National Guard |
Commonwealth of Massachusetts |
No |
Tuition Waiver/Cash Grant (for permanent MA residents) |
| Federal College Work Study (FWSP) |
Financial need |
Federal government |
No - A specified amount of money can be earned by a student in a work-study job (often located at the school). |
Earn minimum wage, average: 12 hours/week, earn up to $2,000 per year.
See websites listed. |
For information on any of the health care career financial resources listed above, go to the TERI College Access website at
