Financial Aid

Students will be asked to complete the Free Application for Federal Student Aid (FAFSA). This form is used to determine the amount of federal aid a student is qualified to receive in the form of grants, loans, and work-study funds. Over 13 million students receive federal aid through the U.S. Department of Education every year. For more information, or to start your application, please visit http://www.fafsa.ed.gov/

Prospect College School Code: 037503

A Federal Pell Grant, unlike a loan, does not have to be repaid. The amount students receive is based on financial need. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and non-federal sources might be added.

Federal student loans assist students and their families in paying for educational expenses by providing long-term loans to be repaid in the future. These loans have low interest rates and offer flexible repayment terms, benefits, and options.

PLUS Loans are federal loans available to parents of dependent undergraduate students who are enrolled at least half-time. The borrower is responsible for interest that accrues during the life of the loan. Borrowers can request a loan for up to the full cost of attendance minus any other financial aid.

Prospect College is an eligible institution under the office of Federal Student Aid, a part of the U.S. Department of Education. Prospect College is approved for federal direct lending programs. Students may qualify for a variety of grant, loan, or tuition aid options, which are listed below. For more information regarding financial aid programs available, contact the Financial Aid Office at (202) 844-4216.