Financial Aid

What Is Financial Aid?

Financial aid is comprised of different types of funding from various sources to help students and their families pay for the total cost of attending college. There are four main sources of financial aid; work study, scholarships, loans, and grants. Three of these four sources are determined when families file the Free Application for Student Aid (FAFSA) which is available to be filled out October 1st of each year, and will qualify students for aid the following school year.  

For more information regarding FAFSA, please visit: https://studentaid.ed.gov/sa/fafsa

Scholarships

Money that does not have to be repaid and may be awarded on the basis of need or it may be given for academic achievement or talent. Students may also see private scholarships through websites, colleges, or Career Cruising for local scholarships.

Loans

This is money that MUST be paid back with interest. Most education loans have a lower interest rate than commercial loans and do not have to be repaid until college is completed. There are a variety of commercial sources for loans as well, these are often called private loans.

Grants

A monetary aid award given to a student that does not have to be paid back (FREE MONEY)! The terms "grant" and "scholarship" are often used interchangeably but grants tend to be awarded solely on the basis of financial need, identified through the FAFSA. 

Work Study

An arrangement by which a student combines employment and college study. The employment may be an integral part of the academic program or simply a means of paying for college.