Financial Aid Terms

Financial Aid - money supplied by a source other than the family to assist with the cost of student's education beyond high school.

Grants - based on financial need; sources include state government, federal government or receiving college.

Loans - borrowed funds that require eventual repayment (as incurred or post-graduation); typically need-based.

Private Award - can be need-based, merit-based or a direct gift; sources include high school, churches, businesses and civic organizations.

Scholarships - usually based upon merit, but are occasionally need-based; can come from a variety of sources and are often tied to special skills and/or abilities.

Work Study - funds available to student through campus or community employment; can be need-based or open to general student population.