What is financial aid?
Financial aid is money in the forms of grants, loans, and employment to assist in paying for your college education. The two main types of aid are: • Merit-Based Aid: Usually a scholarship. • Need-Based Aid: Awarded to students who can show need according to a formula. The three types of need-based aid are: • Grants: gifts that do not have to be paid back. The three types of grants available at ENMU are Pell Grants, SEOG and NMSIG. • Loans: borrowed money that has to be paid back over a period of time, usually after a student leaves school. ENMU participates in the Perkins Loan program, the Stafford Subsidized and Unsubsidized Loan programs, and the Parent Loan for Undergraduate Students. • Work-Study: money that a student earns by working at a part-time job. Funds used to pay for the major portion of a work-study student’s earnings come from either the Federal Work Study Program or the State of New Mexico Work Study Program.
Financial Aid at Cornish College of the Arts is comprised of federal, state and institutional grants and scholarships; federal and state work study; federal student and parent loans, and private educational loans. The individual financial aid package is based upon a student’s financial need as determined by the results of filing the Free Application for Federal Student Aid or FAFSA. A student’s need is equal to the Total Cost of Attendance or Budget minus the Expected Family Contribution from the FAFSA.
• Financial aid is a combination of scholarships, grants, low-interest loans and work-study. If you are eligible, your financial aid package will consist of aid provided by the federal government, the state of North Carolina, outside organizations and NCA&T. With contributions from students and parents, we all work together to make a secondary education possible for all students who desire one!
• Financial aid is money available to assist students with the costs of attending college. • Financial aid comes from the federal government, state government, the College, and from private sources in the form of scholarships. Grants and scholarships are assistance you don’t have to pay back. Federal Work-Study allows you to work and earn money to help pay for school. Loans are borrowed money that you must repay with interest. • The Federal Student Guide provides greater detail on Federal Student Aid.
