Types of Financial Aid

Types of Financial Aid


Grants are a type of financial aid that do not have to be repaid. Grants are offered by the federal and state government, as well as by some institutions and can be merit-based, need-based or student-specific.


Scholarships do not require repayment. They are typically offered by the institution and private organizations and can be awarded based on a number of factors, such as academic performance, athletic ability, community service among others.


Loans are offered by both the federal government and private institutions. Loans provide students and families with immediate access to funds to help cover the cost of college. You must repay your loans with interest once you graduate or fall below half-time enrollment.


The Work-Study program is designed to help you off-set college expenses by offering you the opportunity to work on-campus or at other approved locations. The availability of positions and pay rate offered vary widely.