The primary objective of government financial aid is to provide financial assistance to students from low-income families to help them cover the cost of higher education.

The Department of Education is responsible for administering government financial aid programs, including Pell Grants, Stafford Loans, and PLUS Loans.

The maximum amount of Pell Grant a student can receive in a single academic year is $6,495.

Stafford Loans are available to both undergraduate and graduate students.

The interest rate on Stafford Loans for undergraduate students is 3.73%.

The repayment period for Stafford Loans is 10 years.

PLUS Loans are available to parents of undergraduate students.

The interest rate on PLUS Loans is 6.28%.

The repayment period for PLUS Loans is 10 years.

Direct Loans are available to graduate and professional students.

The interest rate on Direct Loans for graduate and professional students is 5.28%.

The repayment period for Direct Loans is 10 years.

The maximum amount of Direct Loan a graduate or professional student can borrow in a single academic year is $20,500.

The maximum amount of Direct Loan a student can borrow in total is $138,500.

Pell Grant is a federal program that provides grants to students who demonstrate exceptional financial need.