Types of Financial Aid

All prospective students and their parents are encouraged to complete and submit the FAFSA. Changes in federal student aid programs have made nearly all families eligible for some type of financial aid.

In general, there are four types of financial aid:

  • Grants - Grants are a form of gift aid that doesn’t have to be repaid (unless, for example, the student withdraws from school and owes a refund.)
  • Scholarships – Money awarded to students based on academic or other achievements to help pay for educational expenses.  Scholarships are another form of gift aid and generally do not have to be repaid.
  • Student Employment – A program that provides part-time employment while enrolled in school. Students must obtain a job and earn their own money (self-help) in order to utilize these funds.
  • Loans – Borrowed money for college that must be repaid.

SFA Brochure: Types of Aid Based on Financial Need (PDF)