Types of Aid

There are various types of aid that students may be eligible to receive including grants, scholarships, loans, and work-study. There are differences between each type of aid and it is important to consider these differences when reviewing your financial aid offer.

Types of Aid

Gift Aid

Consists of grants and scholarships that do not need to be repaid. Grants are awarded based on financial need using the information on the FAFSA.  Scholarships are awarded based on academic achievement and other criteria.

Loans

Student loans are a form of financial aid that has to be paid back, usually with interest. Not all loans are created equal – federal loans are typically preferable to alternative loans. It is important to consider the interest rate, fees, and repayment terms before agreeing to borrow any type of student loan.

Work Study

The work study program offers students an opportunity to work part-time while they are enrolled. If a student is awarded work study, it is important to note that this does NOT get applied to the bill. Students earn a paycheck for the hours they work which they can then use to help alleviate some of the day-to-day costs of attending college.

Additional Financing Options

In addition to the types of aid above, there are alternative financing options students and their families can consider to help pay for educational costs.