FINANCIAL AID OVERVIEW
What is Financial Aid?
Financial aid is any grant or scholarship, loan, or paid employment offered to help a student meet his/her college expenses. Such aid is usually provided by various sources such as federal and state agencies, colleges, high schools, foundations, and corporations.
Grants
Financial aid, often based on need, that does not need to be repaid. Generally, grants are based on financial need, which means they are awarded based on your family’s size and financial circumstances.
Scholarships
Financial aid that doesn’t need to be repaid. Scholarships can come from a variety of sources: state and federal governments, colleges, and private companies. Scholarships may be awarded based on financial need, academic achievement, community service, athletic talent, and many other factors.
Loans
Financial aid is money that you borrow from a bank, government, or private lending company. A loan must be repaid with interest. Loans offered by the government often have lower interest rates and can be repaid over an extended period of time.
Work Study Programs
This form of financial aid allows students to receive funds through part-time employment while enrolled in college. Unlike other campus jobs, students apply for work-study through the FAFSA and funds received are used for college costs.
