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Types of Financial Aid
The Department of Student Financial Aid (DSFA) assists students by awarding financial aid to help pay for educational expenses. Financial aid is available from federal, state, University and private resources. There are four primary types of financial aid programs.
- Grants – Gift aid that is awarded based on demonstrated financial need. Grants do not have to be repaid.
- Scholarships/Waivers – Gift aid that is awarded based on a variety of factors such as academic achievement, talent, athletic ability, leadership, geographical location, field of study and/or financial need. Scholarships do not have to be repaid.
- Loans – Funds that are borrowed to help pay for educational expenses. Loans must be repaid, usually with interest.
- Employment – Funds that can be earned by working in exchange for wages. Employment earnings do not have to be repaid.
- Veteran Benefits - based upon the military service of the veteran and enrollment status of the student. Veterans and their dependents and spouse are generally eligible.
The Financial Aid Package
Students apply for financial aid by completing a FAFSA. Financial aid is available to students with financial need and those without financial need. DSFA uses the FAFSA results to determine eligibility for the various financial programs and prepares a financial aid award letter that offers an award or a combination of awards to the student. The total amount of financial aid that a student receives is referred to as the financial aid package.