Federal financial aid to hand out billions of dollars

President Bush is encouraging high school seniors to apply for federal

financial aid for the 2002-03 school year, touting the program for making

more federal assistance available and making the application process

easier for students.

This year, an estimated $49.4 billion in federal grants, loans and

work-study opportunities will be awarded to about 8.2-million students.

Financially needy students may qualify for grants or federally

subsidized loans where the government pays the interest while the

borrower is in school. Most students, however, are eligible for

unsubsidized loans, according to the U.S. Department of Education, which

offers a financing option at 5.99%.

The free application for federal aid can be found at o7

https://www.fafsa.ed.govf7 .