Financial aid is money from federal and state governments that helps pay for a student's educational expenses. Awards might be based on grades, financial needs, talents, or circumstances. They can come from several sources, including federal and state governments and institutional aid.
Financial aid is awarded on a first-come, first-served basis. Salem State offers a combination of need-based (aid that solely takes into account a student's and their family's ability to pay for college) and merit-based (aid based on a student's achievements and academic performance, typically in the form of a scholarship that does not need to be repaid) aid.
Aid types include grants, scholarships, state tuition waiver programs, work-study, and loans. Aid is divided into two categories: gift aid and self-help aid.
- Gift aid can be need-based or merit-based aid given to a student without the obligation of repayment; most grants, scholarships, and tuition waivers fall into this category.
- Self-help aid is either a work-study award that must be earned through a job on campus or a loan that must be paid back.
Students must complete the FAFSA to receive federal and state grants, Federal Work-Study, and federal loans.
Students' eligibility for financial aid and the amount they can receive are determined by several factors, such as their Student Aid Index (SAI), year in school, enrollment status, and Cost of Attendance (COA).
Students can estimate their eligibility for federal student aid and SAI with the Federal Student Aid Estimator on studentaid.gov.
For detailed information on the FAFSA, types of aid, and eligibility criteria, visit studentaid.gov.