A number of federal, state, private loan, and scholarship programs are available to those seeking to finance a childs education. Under many of these programs, a parent does not have to be in a low-income bracket to receive financial assistance.
The federal government administers several major financial assistance programs. Some of these programs are direct assistance programs; the others are administered through the college that the student attends. Pell Grants are based solely on financial need and on how much money Congress appropriates to the program each year. The Stafford Student Loan is a federally subsidized program that allows the student to borrow at low interest rates from private lenders and the government. Other programs include PLUS loans, Supplemental Education Opportunity Grants, Perkins Loans, and the College Work-Study Program.
State governments also offer a variety of assistance programs, but most are available only to state residents attending schools within that state. Many states also have special programs for teachers and National Guard enlistees. Others offer work-study programs and special academic supplements.