Financial Aid

Types of Aid

There are four types of financial aid:

• Grants – Awards are usually based upon financial need and do not need to be paid back.
• Scholarships – Awards are usually based upon merit or achievement and do not need to be paid back.
• Loans – Awards need to be repaid with interest.
• Work-Study – Award must be earned.

These four types of financial aid have different funding sources. They are:

• Federal Grants
• Federal Work-Study
• Federal Loans
• State Grants
• Institutional Grants
• Institutional Scholarships
• Alternative  or Private Loans