Types of Financial Aid
- 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.
- 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.
- Work Study is a form of need-based financial aid that is determined by your FAFSA. Under the work study program, students can work in various departments on campus and approved non-profit agencies off campus. The funds earned through the Federal Work Study program are not counted as earned income in determining future financial aid eligibility.
Useful Links:
National Student Loan Data System (NSLDS) | Ombudsman Office, Department of Education | FinAid.org | Selective Service | IRS.gov | CashCourse