What is financial aid?
Financial Aid is monies made available by federal and state governments and private sources in the form of grants, loans, fee waivers, scholarships, and part-time employment. These monies are available to make it possible for students to continue their education beyond high school, even if they and their family cannot meet the full costs of the postsecondary school they choose to attend. The basis for such assistance is the belief that students (and their parents) have the primary responsibility for meeting their educational costs. Financial Aid is available to fill the gap between a family’s contribution and the student’s educational expenses.
Financial aid is funding from federal, state and institutional sources. It is awarded to help bridge the gap between each family’s ability to pay for college and CLU’s total cost. There are four different kinds of assistance: • Non-Need-Based Awards – Includes merit scholarships awarded to recognize academic achievement and/or talents. These awards are not based on financial need. • Need-Based Awards – Includes grants and scholarships based on information obtained from the Free Application for Federal Student Aid (FAFSA). • Loans – Includes federal student loans, Parent loans and private loan options. • Work Study – Money earned from an on-campus job that can be used to make payments towards the student account balance.
