Types of Financial Aid
Financial aid for education includes several types of aid such as federal grants, state grants, loans, scholarships and work-study. Depending on your situation, additional financial aid opportunities may be available for certain disadvantaged students, those taking summer courses, and/or student veterans. Financial aid eligibility requirements vary, but many programs are open to both undergraduate and graduate students.
In order to be considered for any financial aid, you must complete a Free Application for Federal Student Aid (FAFSA) every academic year. We recommend that you complete the FAFSA as soon as it becomes available. The earlier you apply, the greater your opportunity to be considered for federal grants. If you are not yet admitted to a college, you should still apply for federal student aid.
When filling out an application, pay close attention to the requirements and deadlines for each type of aid. Many awards are gifts that do not need to be repaid. However, loans do need to be repaid, and some accumulate interest while you are in college. You should consider what your total debt will be by the time you graduate, and how much interest will accumulate over the life of the loan.