Types of Aid
Going to college is a big investment and figuring out how to pay for college can feel overwhelming. We’re here to help break down the types of aid available to help you in the pursuit of your Next Giant Leap.
Types of Aid
There are many types of aid available to help make college more affordable:
Grants are a type of gift aid — money you do not have to pay back! These can be awarded based on financial need and academic performance. When you complete the Free Application for Federal Student Aid (FAFSA), you are automatically considered for grants.
Scholarships are another type of gift aid, which does not need to be paid back. These can be awarded based on merit, financial need or application to a specific scholarship.
Educational loans can offer you and your family a way to meet college costs while spreading these costs over an extended repayment period.
What can aid be used for?
The amount of financial aid that you are offered is based on your estimated cost of attendance. This amount is calculated based on the price of:
- Direct Educational Expenses: Tuition, fees and on-campus housing
- Indirect Educational Expenses: Books, supplies, travel and off-campus housing
If you take advantage of all aid offered, including loans, you may have more aid than what is owed to the university. That can be used to help cover expenses like off-campus housing, books, supplies or other indirect educational expenses.
If the amount of aid you are offered does not cover the tuition and fees due, you are responsible for paying the rest of the balance (shown on the electronic fee invoice) by the first day of class.
Keep in mind that you may not need to accept all aid that you are offered, especially loans, to cover your expenses. Be sure to make an informed decision before you choose to borrow.