What is Financial Aid?
Financial aid is funding that helps you pay
for educational expenses like tuition, fees, food and housing, and
other costs associated with attending college. It's available
through various sources, including grants, work-study programs,
student loans and scholarships.
To access federal and state financial aid, you will need to
complete the Free Application for Federal Student Aid
(FAFSA).
Four Major Types of Financial Aid
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Grants
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Aid that's often based on financial need and doesn't usually
have to be repaid. This includes:
Federal Pell Grant
- Awarded primarily to undergraduate students with exceptional
financial need.
- The amount you receive depends on your financial need, cost of
attendance, and enrollment status.
Federal Supplemental Educational Opportunity Grant
(FSEOG)
- For undergraduates with exceptional financial need.
- Offered through participating schools-funds are limited, so
apply early.
- Priority is given to Pell Grant recipients.
TEACH Grant
- Provides up to $4,000 per year to students who plan to
teach in a high-need field in a low-income
area.
- Requires signing an agreement to teach for at least four years
within eight years of completing your program.
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Work-Study
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Provides students the eligibility to find a part-time job during
the school year as part of their financial aid package. The jobs
are often located on campus.
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Loans
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Offered at low interest rates, some student loans are based on financial
need and some aren't. All loans must be repaid with interest, but
the type of loan affects when interest starts building and who can
borrow.
Direct Subsidized Loans
- Based on financial need (determined by your FAFSA).
- The U.S. Department of Education pays the interest while you're
enrolled at least half-time, during your grace period, and during
approved deferments.
- Available only to undergraduate students.
Direct Unsubsidized Loans
- Not based on financial need, almost anyone can qualify.
- You are responsible for all interest from the day the loan is
disbursed. If you don't pay the interest while in school, it's
added to your loan balance (capitalized).
- Available to undergraduate, graduate, and professional
students.
PLUS Loans
- Designed for graduate/professional students and parents of
dependent undergraduates ("Parent PLUS Loans").
- Credit check required (unlike Subsidized/Unsubsidized).
- Higher interest rate than Direct Subsidized/Unsubsidized
loans.
- Can cover any remaining costs after other financial aid is
applied.
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Scholarships
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Financial awards given for a variety of reasons, such as good
grades, special talents or career plans. Scholarships don't have to
be repaid. Learn more in Explore
Scholarships.
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