Types of Financial Aid
Student loan programs offer long-term, low-interest educational loans that require repayment. Students should carefully consider the amount of debt they will incur and recognize their future financial obligations. Like any other debt, a student loan is a serious financial obligation.
Since the government may be subsidizing a portion of the interest and permitting the postponement of payments while the student is in school, loans are regarded as financial aid. To receive federally sponsored low-interest loans, a student must be enrolled in college at least half-time. Repayment of the principal begins soon after s/he graduates or ceases to be enrolled at least half-time.
The Federal Work-Study Program (FWSP) provides part-time jobs during the academic year for students who have financial need and who wish to earn money to offset a portion of their educational expenses. Jobs may be on or off campus with a public or private nonprofit agency including jobs in community service areas. Salary will be no less than the current minimum wage and will also be associated with the type of work performed and skills required. Students eligible for these awards will see them reflected in the financial aid award notice.
Grants do not require repayment. They are awarded to undergraduate students (working on their first bachelor degree) who demonstrate financial need as determined by the FAFSA. The grants listed here are coordinated and administered by Student Financial Services.