Financial aid is money to help pay for your education. Financial aid can come from the federal government, state government, your school, and private sources to help you pay for your educational expenses. Awards can be based on any combination of factors, including your grades, financial need, talents, or circumstances.
Financial aid is awarded on a first-come, first-served basis. To receive federal and state grants, Federal Work-Study, and federal loans, you will need to complete the FAFSA.
Your eligibility and the amount you can receive in aid depend on your Expected Family Contribution (EFC), year in school, enrollment status, and your Cost of Attendance (COA).
You can estimate your eligibility for federal student and EFC with the Federal Student Aid Estimator on studentaid.gov.
Types of aid include:
- Grants (Federal, state, and institutional)
- A grant is a form of financial aid that doesn't have to be repaid (unless, for example, you withdraw from school and owe a refund, or you receive a TEACH Grant and do not complete your service obligation)
- Scholarships (Internal and external)
- Many nonprofit and private organizations offer scholarships to help pay for their education. Each organization can have its requirements and guidelines for a student to receive a scholarship ranging from income to grade point average (GPA) and standardized test scores (SAT, ACT, etc.) Many are awarded based on your merit and/or need.
- Federal Work-Study
- The Federal College Work-Study Program (FCWS) provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay educational expenses. It does not reduce tuition or fees. You must apply for financial aid to be considered. The total award depends on when you apply, your level of need, and the school's funding level.
- Loans (federal and private)
- A loan is money you borrow to attend school. A loan must be repaid as well as the interest that accrues. If you decide to borrow a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Loans made by the federal government are called federal student loans. Loans from a private source such as a bank or financial institution are called private loans or private education loans. Federal student loans usually have more benefits than private loans. To learn more about the difference between federal and private student loans, please visit studentaid.gov.
- Aid for Veterans, Active Services Members, and Families
- The federal government and nonprofit organizations offer money for college to veterans, future military personnel, active-duty personnel, or those related to veterans or active-duty personnel.
- Aid and Other Funding Resources
- Tax benefits for education
- Educational awards for community service with AmeriCorps
- Payment Plan
- Please visit studentaid.gov for more information on other funding resources.
For detailed information on the FAFSA, types of aid, and eligibility criteria, visit studentaid.gov.