Types of Financial Aid

There are four primary categories into which financial aid programs may be grouped.  They are: 1) Scholarships; 2) Grants; 3) Loans; and 4) Work-Study.

• Scholarships: These are funds awarded– usually on the basis of your academic, talent or leadership abilities.  Scholarships do not need to be repaid and are typically awarded on an annual basis.  You may need to have financial need to qualify for some scholarships.  Click here for websites that can help you locate scholarships.
• Grants: These are free funds usually awarded based on financial need.  Grants do not need 2 be repaid.  Federal and state funded programs have the largest amount of resources available for grants.
• Loans:  Funds awarded may or may not be based on financial need.  Generally, loans must be repaid.  Educational loans may be made by federal, institutional or private sources.  Both students and parents may borrow funds 2 support the cost of college.  Government loans usually have the best interest rates.
• Work-Study:  Funds are usually awarded on the basis of financial need.  This program provides students with part-time jobs either on or off campus 2 enable the student 2 earn funds 2 help with  educational expenses.

Click here for a list of federal programs or click here for a list of state programs.