Types of Financial Aid

There are two basic types of financial aid - need-based and merit-based.

Need-based refers to the financial need of the family and typically has specific eligibility requirements.

Merit-based financial aid is awarded to students who demonstrate special skills, talent or academic achievement.

Gift Assistance refers to assistance that is given to a student and does not require repayment. Grants, scholarships and private awards are examples of gift assistance.

Self-Help Aid provides funds through the work and effort of the student. Loans and work study programs are examples of self-help aid.