Financial aid can be defined as any resource that supplements what parents and students are expected to contribute to meet the costs of a college education. Eligible students may receive combinations of four types of student aid: grants, scholarships, loans, and work-study.
Grants are awarded based solely on financial need and have no requirements of repayment. They may come from the federal government, the state, or the University.
Scholarships are awarded from within the University as well as from private foundations outside of the University. Many are based on academic achievement, demonstrated financial need, or a combination of the two.
Loans are sources of aid that must be repaid after students terminate their studies at the University. Interest rates and repayment schedules vary depending on the type of loan.
Work-study is awarded based upon the financial need of the student. Students can earn money through an on-campus job towards their school expenses. Work-study earnings are not applied directly to the semester bill, but instead students receive a pay check for hours worked.