What Is Financial Aid?

Financial aid is any source of funds available to assist students in paying for the costs of a college education. If you think you will need assistance beyond your own financial resources, you are encouraged to apply for financial aid. Whatever your family situation, you can be sure that you will be treated fairly and equitably with respect to students in similar financial circumstances as your own.

Most financial aid is based on demonstrated financial need and requires the Free Application for Federal Student Aid (FAFSA). Federal and state grants, loans, and work-study are all need-based programs.

Scholarships are based on academic merit. Most of the General University Scholarships award students regardless of major. College, departmental, Foundation, and Alumni offer scholarships for specific majors, special talents, leadership, or other criteria specified by a donor. You do not have to show financial need to receive money through merit-based programs. The application process is different from the processes for applying for need-based aid.

Aid is termed to be gift aid or self help. Gift aid includes grants, scholarships, tuition assistance, and other aid, sometimes called “free money”. Self-help aid includes work-study and loans that require the student to work or borrow.

There are four main types of financial aid

Grants
Loans
Scholarships
Work-Study