Aid Types
Overview
Financial aid is money available to help you and your parents pay for educational expenses, including tuition, fees, housing, books, and other costs. Aid may come from federal or state governments, the university, or private organizations.
Explore the different types of financial aid below to understand your options and
responsibilities.
Grants
Grants are money that does not need to be repaid. Grants are typically awarded based on financial need and are funded by federal or state governments or the university.
Highlights:
- Need-based financial aid
- No repayment required
- Eligibility often determined by the FAFSA
Scholarships
Scholarships are awards based on achievement, talent, or need. These funds may vary by who is providing you with the funding and may have specific requirements you need to meet to maintain the scholarhsip.
Highlights:
- No repayment required
- May be renewable for multiple years
- Offered by the university or external organizations
Loans
Loans are borrowed funds that must be repaid with interest. Student loans help cover educational expenses but must be repaid after you leave school or drop below half-time enrollment.
Highlights:
- Available to students and/or parents
- May be awarded regardless of financial need
- Includes federal and private loan options
Federal Work Study
Federal Work-Study is part-time, need-based program that allows students to earn money through on-campus jobs. Federal Work-Study is only awarded to students who have completed the FAFSA and been chosen for a federal work-study position.
Highlights:
- Eligibility based on financial need
- Paid bimonthly based on hours worked
- Earnings are not applied directly to tuition
Learn More: Federal Work-Study