Financial Aid

There are 4 types of financial aid: grants, scholarships, loans, and work-study.

Grants are a form of financial aid that does not have to be repaid (unless, for example, a student withdraws from school).

Scholarships are gifts and do not need to be repaid! There are thousands of scholarships, offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations.

Loans are a form of financial aid that students borrow and must pay back with interest. There are 2 types of loans: Subsidized loans and Unsubsidized loans.

1. Subsidized loans – a loan based on financial need for which the federal government generally pays the interest that accrues while the borrower is in an in-school, grace, or deferment status.

2. Unsubsidized loans – a loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan.

Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expense.