What is financial aid?
The term “financial aid” refers to those resources (other than the family’s personal funds) that are used to pay the costs of attendance. There are three main types of financial aid. Usually, a student is offered a combination of aid (known as a “package”) from these three programs: • Scholarships – gift funds, based on high academic achievement or special talent, that do not have to be repaid. Some scholarships are also based partly on financial need; • Grants – gift funds, based on need, that do not have to be repaid; not available for graduate students; • Loans – low interest loans which must be repaid, with interest, after the student is no longer enrolled or ceases to be enrolled at least half-time.
