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A college education is one of the most important investments a student and family can make. You and your family will be expected to contribute as much as you can from your own resources (income, savings, and assets) to help meet your college expenses.
The purpose of financial aid is to help students and families meet educational expenses that cannot be met through their own resources. Financial aid can be either need-based or non-need-based. The results of the Free Application for Federal Student Aid (FAFSA), along with the cost of attendance, will determine whether or not a student demonstrates financial need.
Types of Aid
- Grants – need-based, do not require repayment
- Scholarships – can be based on merit, financial need, or a combination of both and do not require repayment
- Subsidized Federal Stafford Loan, Perkins Loan, and National Nursing Loan – need-based, require repayment but interest and payment are deferred until the student has been out of school for a variable amount of time as determined by the loan agreement (typically six months or more)
- Unsubsidized Federal Stafford Loan and Alternative Loans through outside lenders – non-need-based, require repayment but payment is deferred until the student has been out of school for a variable amount of time as determined by the loan agreement (typically six months or more)
- Federal Work Study – need-based, student must obtain a job on-campus to receive a paycheck
- Student Employment – non-need-based, student must obtain a job on-campus to receive a paycheck
- Parent PLUS Loan – non-need-based, a loan taken out by the parent of a dependent student that is in the parent’s name and repayment starts immediately after disbursement (no grace period for repayment)
- Graduate PLUS Loan – non-need-based, a loan taken out by an independent graduate student that is in the student’s name, payment is deferred while the student is in school at least part-time
Loans are by far the largest source of financial aid for the majority of students and families. There are four main sources of financial aid. These include the federal government, the state government, the institution, and private entities. The federal government is the largest source of financial aid.
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