Types of Financial Aid

Financial aid is money to help you pay for your tuition and other educational costs, as well as reasonable living expenses while you attend college. 

Financial aid can be classified different ways, based on where the money is coming from (the federal, state, or local government, the institution, or a private entity), who administers the funds (campus-based or not), and why and how the funds are awarded to students (based on financial need, based on academic merit, athletic or artistic talent, or as self-help financial aid).

Most commonly, financial aid is classified in the following types:

• Financial aid grants for students with financial need
• Scholarships based on merit or talent
• Waivers and exemptions
• Student loans
• Student employment funded by work-study