What is financial aid?
• Financial aid refers to federal, state and private resources that may help pay for college costs. Typically financial aid consists of grants, scholarships, loans and student employment. Grants and scholarships do not have to be repaid. Loans must be repaid with payments usually beginning after the student is no longer enrolled at least half time. Student employment consists of opportunities for students to earn money to pay for educational expenses.
Financial aid is available to remove the cost barriers that may prevent you from pursuing your educational goals. Assistance is available from a variety of programs funded by federal, state, university and private sources. Students who demonstrate significant financial need may qualify for grant aid while students with less need may obtain low cost loans. Financial need is determined through a federal formula that assesses the family’s relative financial strength and ability to contribute to meeting the student’s educational costs. You may get an estimate of your financial aid eligibility through CSUCC (see below).
Financial aid helps students and their families pay for college. This financial assistance covers educational expenses including tuition and fees, room and board, books and supplies, and transportation. There are several types of financial aid, including grants and scholarships, work study and loans. Financial aid awards may include a combination of the various types of aid.
