Types of Aid

Financial Aid is defined as any type of assistance used to pay for college based on financial need. There are three forms of aid. They include:

Grants & Scholarships

These types of financial aid, also called gift aid, do not have to be repaid.

Loans

This type of aid has to be repaid. Most need-based loans are low interest loans sponsored by the federal government. Generally, no interest accrues until repayment begins after graduation. There also are banks and lending institutions that provide low-interest loans for college.

Work-Study

Allows student to work at the university to earn money for books, supplies and personal expenses.