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Types of Financial Aid

 

Financial aid may be categorized into three types:

  • Gift aid, which includes grants and scholarships that you are not required to repay, except as mandated (see grant repayment requirements).

  • Work-study, which involves an award that must be earned through employment.

  • Direct Loans, which are low-interest loans for students and parents to help pay for the cost of a student’s education. A loan is money that you borrow and must repay with interest.

 If you are ineligible for financial aid, your college may be able to provide:

  • Emergency assistance, in the form of short-term tuition and textbook loans from the college that must be repaid.

You should become completely familiar with the terms and conditions of any financial aid award you accept. If you have questions about a specific award, contact the Financial Aid Office.