Grants
Federal grants do not have to be repaid and are awarded exclusively on financial need. There are two main types of federal grants: Federal Pell Grants and Federal Supplemental Educational Opportunity Grants (FSEOG).

Typically, Federal Pell Grants are only awarded to undergraduate students. The amount you are awarded is based off of your Expected Family Contribution (EFC) and Cost of Attendance. Students are only eligible for one Pell Grant per academic year.

FSEOGs are awarded to the lowest income undergraduate students. You can only receive these funds if your need is not met by any Federal Pell Grant awards and other financial aid you are awarded by your school. This means receiving other aid can reduce the amount of your FSEOG award. Priority for this award is given to Pell Grant recipients.

Work-Study
The Federal Work-Study Program allows undergraduate and graduate students to work part-time while attending school to help fund the cost of education. Work-Study jobs can be found both on and off campus. Funds are awarded based on need, the school's level of funding and when the student applies for financial aid since funds are limited. The amount of money a student earns during their Work-Study position cannot exceed the amount they are awarded by their school.

Students participating in the Federal Work-Study program will earn at least the federal minimum wage. Undergraduate students are paid on an hourly wage. Graduate students can be paid by the hour or be paid by salary. The Work-Study program requires that schools pay students at least once a month and must pay the student directly unless he/she requests their wages be applied to tuition, fees or their bank account.

Loans
Student loans are borrowed money that must be repaid with interest. There are several types of Federal student loans: Federal Perkins Loans, Stafford Loans, PLUS loans and Consolidation Loans. Perkins and Stafford loans are for students. PLUS loans are for parents who need to borrow money to help pay for their child's education. Both parents and students can refinance existing loans with a Consolidation Loan.

In order to apply for Federal Loans, you must fill out the Free Application for Federal Student Aid (FAFSA). If you receive a loan, you will need to sign a promissory note binding you to the terms of the loan and stating that you agree to repay your loan.

To learn more about Federal loans, eligibility, amounts and repayment terms, please visit our Types of Aid page.

College Grant
If you are still eligible for aid after you have been considered for all federal and state aid, colleges will usually award their own sources of financial aid. The college award is normally additional grant funds.

Merit Aid
Many colleges now offer some type of merit scholarship. Merit scholarships are based on the student's academic ability, athletic ability or some other talent and not on financial need. When inquiring about merit aid awarded by your prospective colleges, you should contact the admission office and ask the following questions:

• What types of scholarships do you offer and what are the dollar amounts?
• What are the criteria for the scholarships?
• How many of them do you offer?
• If I meet the criteria am I guaranteed to get one?
• What do you need to do to keep the scholarship?
• What happens to the scholarship if I fail to meet the scholarship criteria?

Scholarships/Grants
Businesses, communities and foundations often award scholarships or grants to qualifying students. Scholarships can be awarded based on need or based on merit. To find scholarships you may be eligible for visit your high school guidance office, local library or contact businesses within your community.

Private Loans
Many lenders offer private or alternative loans to students. Private loans are often credit based and require a background check. To learn more about private loans, visit our Types of Aid page.