Student Financial AidFinancial aid is designed to help individuals meet their educational expenses when their own resources are not sufficient. A student who believes that his or her own and family resources are not sufficient to pay for all the costs of attendance (tuition, room and board, books, transportation, campus activities, etc.) A person should apply for financial aid through the financial aid office of the institution he or she plans to attend.
Four types of financial aid are available:
- Grants—Aid that generally does not have to be repaid.
- Loans—Money borrowed to cover school costs, which must be repaid (usually with interest) over a specified period of time (usually after the student has left school or graduated).
- Work-study—Employment that enables a student to earn money toward a portion of school costs during or between periods of enrollment.
- Scholarships—Gifts and awards based on student’s academic achievement, background or other criteria.