Financial Aid

The thought of paying for college can be a bit overwhelming but don't let yourself get discouraged! There are many sources of financial aid available to help you on your college journey. 

Understanding Financial Aid

Here's a quick break down of the main types of financial aid:

• Gift Aid: This is money that you receive that you do NOT have to pay back.

  • • Grants: Money from the government that is typically need-based.

    • Scholarships: Money from some type of institution, whether it be a private donor or through your school. Scholarships can be need-, merit-, or interest-based. 

• Self-help Aid: This type of aid implies that the individual takes on some responsibility and it does require some form of repayment.

  • • Work-Study: A program where you get a job, usually on campus, and you can use your wages towards educational expenses such as textbooks, school supplies, and personal living expenses.

    • Loans: Money that you borrow and have to repay, usually with interest.

      • • Direct Subsidized Loans: Available to undergraduate students who demonstrate financial need. If you must take out loans, these are the best kind as they do not accrue interest while you are in school at least half-time.

        • Direct Unsubsidized Loans: Available to undergraduate and graduate students without consideration of financial need. You are responsible for paying the interest on these loans during all periods.

        • Direct PLUS Loans: Available to parents/guardians of a dependent undergraduate student (parent PLUS loan) or to graduate students (grad PLUS loan). This is a credit-based loan and the interest will be higher than the other two federal loan types. You may request a deferment of payments so that you won't have to pay until after your student graduates but interest will start accruing immediately after the loan is disbursed.

        • Private Student Loans: Private loans are made by private lenders such as a credit union or bank, not the federal government. They are credit-based and often require a co-signer. There is much more variability in this category of loans- some will allow you to defer payment until after graduation but some require you to start making payments while still in school. In general, interest rates are higher than federal loans but this also varies.

Learn more about the main sources of financial aid: