FAFSA School Code: 001146

Types of Financial Aid

A financial aid package may consist of a combination of different types of aid. There are four basic types of financial aid:

1. Grants are funds that do not have to be repaid. Grants are based on need, as determined by the Free Application for Federal Student Aid (FAFSA).

2. Scholarships are also awards that do not have to be repaid. Some scholarships may have a need component; however, scholarships generally are merit-based and reward students for academic excellence, leadership, performance in the arts or athletics, and/or community service.

3. Loans are funds that must be repaid, usually after graduation or upon leaving school. Federal student loans have lower interest rates than most commercial loans. Your first loan requires a master promissory note and entrance counseling before disbursement. You must complete an exit interview before you leave the University.

4. Work-Study provides part-time, on-campus job opportunities to financially eligible students.