Types of Financial Aid

A financial aid package may include any or a combination of the following:

Scholarship: gift aid which does not have to be repaid and may be based upon merit and/or financial need, including awards given to students with outstanding ability in general scholarship, athletics, or the arts (music, drama, art, etc.).
Grant or Grant-In-Aid: gift aid which does not have to be repaid; usually given to students with outstanding ability in general scholarship, athletics, or the arts
Loan: money borrowed from federal, state, college sources, or commercial banks, usually interest-free while you are in school. Normally, you must begin to repay these loans nine months after leaving school.
Work-Study Program: a federal program which provides part-time employment on campus and in community agencies. Students typically work ten to fifteen hours per week, according to their class schedules.
Campus Job: employment by the school as a clerical assistant, lab assistant, teaching assistant, tutor or other role offered as part of a financial aid package.