Financial aid programs provide support for students to help meet the costs of obtaining a college education. The federal and state governments, the individual colleges and universities, and a variety of other public and private sources provide funding.
Financial aid is split up into two categories:
Achievement-based aid is awarded to students who have a special characteristic, skill, talent, or ability. Typically achievement-based aid is in the form of scholarships.
Need-based aid is provided to students who demonstrate financial need. Most financial aid, particularly public-funded aid, is awarded on the basis of financial need determined through the application process and in accordance with a prescribed federal formula.
|4 Basic Types of
Financial Aid Programs Available
Federal or state gift assistance with no obligation for work or repayment
Providing funds now, but with a future repayment obligation
Gift assistance with no obligation for work or repayment
Student is offered part-time work while attending the institution
Most often, financial aid comes to you in the form of a package consisting of a combination of the different types of aid available. The combination of aid offered depends on the availability of funds, your eligibility, the timeliness with which the application process is completed, and your year in school.
You've got questions and we have the answers in FAQs about Financial Aid.