<p>A Pell grant is a grant from the federal government. Grants do not have to be repaid. You must have a very low EFC to get a Pell grant 4000 or below. The grant ranges from 768 to 4731 (depending on EFC) for 2008-2009 school year.</p>
<p>There are several federal student loans. They can be subsidized or unsubsidized. To get a subsidized loans you must show financial ‘need’ via FAFSA. Subsidized means the govt pays the interest until a certain grace period after you graduate/cease attending college then you start paying the interest and repaying the loan. Perkins and subsidized Stafford are examples of subsidized loans. </p>
<p>Unsubsidized means interest is due day 1 though you can put of paying it until after you graduate - the interest will accumulate and be added to the total you owe. Unsubsidized Stafford loan is an example.</p>
<p>finaid has a good description of the various loans, their interest rates etc here
<a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid;
<p><a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid;