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You may be eligible for more than one type of Financial Aid. Click on a link below to learn the eligibility criteria for each type of Aid.

Types of Federal Student Aid

Understanding Financial Aid

Scholarships, grants, loans, and Federal Work-Study are all considered financial aid. Since loans must be repaid and Federal Work-Study must be earned, they are sometimes referred to as “self-help.” Scholarships and grants are sometimes referred to as “gift aid” or “free money” because they do not have to be earned or repaid.

Typically, applicants are offered a financial aid package consisting of a combination of awards from various types of aid programs.

Types of Aid

  • Grants are a form of need-based financial aid which do not have to be repaid. Federal grants are awarded based on the results of your FAFSA. State grants may require an application.
  • Loans must be repaid, with interest. There are three major categories: federal student loans, parent and graduate plus loans, and private education loans. Federal loan programs offer lower interest rates and more flexible repayment plans than most consumer loans.
  • Federal College Work-Study (FCWS) is a need-based federal program that provides on-campus and off-campus employment opportunities. Students must complete a financial aid application (FAFSA) and meet all eligibility requirements. Students are notified through the financial aid award process if they have been awarded FCWS. Only students with an accepted FCWS award as a part of their financial aid package can seek a FCWS job.
  • Scholarships do not have to be repaid. They are reserved for students with special qualifications, such as academic talent, interest in particular fields of study, or financial need. Scholarships may be funded through the UB Foundation which helps current students based on the generosity of UB alumni and friends

Useful Links: National Student Loan Data System (NSLDS)  | | Selective Service |

Last Published 3/8/17