Types of Financial Aid

There are three basic types of financial aid.  A student’s financial aid award offer will consist of sources from one or a combination of two or more types of financial aid.


Grants and Scholarships

Grants and scholarships may be awarded based upon factors such as financial need, academic achievement, or special talents or abilities.  Grants and scholarships usually do not require repayment and may come from a variety of sources such as federal and state governments, high school alumni associations, colleges or universities, civic groups, employers, and many others.

Loans

Loans may be need-based or non-need-based and must be repaid with interest.  Most educational loans do not require repayment until after graduation or when the student is no longer enrolled at least half-time. Loans may come from federal or state governments or private lenders.

Student Employment

Student employment (or Work Study) allows a student to work part-time either on or off campus to earn money to help pay for educational expenses.