Types of Financial Aid
There are three basic types of financial aid:
Grants
These funds usually do not have to be paid back.
However, if you do not complete the credits that you registered for
you may have to pay back all or part of your grant.
Loans
These funds must be paid back. Federal
Stafford Loans are low interest loans made to students who are
attending at least half-time (6 or more credits). While loan
eligibility is determined by the Financial Aid office, loans are
made by a lender such as a bank, credit union, or savings and loan
association. There are two Federal Stafford Loans Programs (FSLP):
(1) Subsidized (need based loans) and (2) Unsubsidized (non-need
based loans).
Student Employment/Work-Study
These funds provide you with the opportunity to
earn a portion of your financial aid eligibility by working.
There are on-campus and off-campus jobs available.
If your job is related to your major, you could
possibly receive college credit for working through Cooperative
Education.
Last updated:
March 28, 2008
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