Types of Aid
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Financial aid consists of several forms of assistance to help students pay for college. The various types of aid usually fall into one of four categories: Grants, Loans, Scholarships, and Employment. However, there are other resources students can explore which are listed under Other Types of Aid.
Grants
A grant is gift aid, which means the funds do not need to be repaid. Most grants are based on financial need as determined by the Free Application for Federal Student Aid (FAFSA).
Loans
A loan is a form of financial assistance which must be repaid and should only be accepted with full realization of that responsibility.
Important changes effective July 1, 2026:
Due to recently passed federal legislation, there are significant changes to the Federal Direct Loan Program with potential impacts for both undergraduate and graduate students. Changes include reductions to Direct Loan award amounts for less than full-time enrollment and changes to loan limits for Parent PLUS Loans and graduate student borrowing. For additional information, please visit 2026-2027 Financial Aid Updates.
Find out about more about loans »
Scholarships
A scholarship is also gift aid which does not need to be repaid. Scholarships are usually merit based, and the criteria to receive a scholarship varies considerably dependent upon the scholarship provider.
Find out more about scholarships »