Types of Aid: (Click on one for additional information)
Grants - Typically need-based awards that don't have to be repaid. Considered "Free Money." Grants can be federal, state, school, or private awards.
Scholarships - Typically merit based awards that don't have to be repaid. Considered "Free Money." Scholarships can be federal, state, school, or private awards.
Work-Study - This is "earned money", meaning that you will work throughout the school year and receive a paycheck. This money does not have to be repaid. keep in mind, work study money isn't simply given to you - the amount you see on your award letter is the amount you are eligible to receive throughout the year. If you don't work, you don't get the money! You may also make less money than the award letter says you qualify for. This money isn't available at the start of the semester, so you won't be able to use it towards tuition unless you set up a payment plan.
Loans - "borrowed money" - this money will have to be paid back, with interest. Their are private loans and federal loans. You should always choose federal loans before private, because they have lower, fixed interest rates and offer more flexible repayment plans. As an incoming freshman, you qualify for $5,500 in student loans for your first year.
*NOTE: YOU WILL BE OFFERED THESE LOANS AUTOMATICALLY BUT YOU DO NOT HAVE TO ACCEPT THEM! YOU CAN ALSO ACCEPT A PARTIAL AMOUNT IF NEEDED!
*NOTE: Student loans are in YOUR (THE STUDENT) NAME ONLY! They do not require a parent co signer and parents are NOT RESPONSIBLE for the repayment for any student loans taken out by the student!