General Information

Financial aid may be classified into two types based on the criteria through which the financial aid is awarded: merit-based or need-based.

Merit-based aid is typically awarded for outstanding academic achievements, although some merit aid can be awarded for special talents, leadership potential and other personal characteristics.

Need-based aid is awarded on the basis of the financial need of the student.

Types of Aid

Scholarships

Scholarships are awarded based on a range of criteria. Some are based on academic performance or other special talents. These are called merit-based scholarships. Others are based on financial need. These are called need-based scholarships.

Grants

Grants are gifts of money which are usually awarded on the basis of a student's financial need. A student's financial aid package may include grant money whenever eligibility and funding levels permit.

Work-Study

Work-study programs are designed to provide part-time employment for students with financial need who wish to help pay a part of their educational expenses by working on campus.

Loans

Loan programs offer help to students who need additional financial assistance. The purpose of all loan programs is to assist students unable to obtain sufficient support from other sources. Student loans must be repaid.