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