Financial Aid
What is Financial Aid?
Financial aid helps students and their families pay for college. This financial assistance covers educational expenses including tuition and fees, room and board, books and supplies, and transportation. There are several types of financial aid, including grants and scholarships, work study and loans. Financial aid awards may include a combination of the various types of aid.The Financial Aid Offices at each campus have professional staff members to administer the aid programs and advise students and their families regarding the financial aid and scholarship opportunities available to them.
In the United States, grants come from a wide range of government departments, colleges, universities or public and private trusts. Grant eligibility is typically determined by financial need and academic merit. The application process is set by the agency providing the funds.
While the terms grant and scholarship are frequently used interchangeably, there is a difference. Scholarships may have a financial need component but rely on other criteria as well. Some private need-based awards are confusingly called scholarships, and require the results of a FAFSA (the family's EFC). However, scholarships are often merit-based, while grants tend to be need-based.[1]
Some examples of grants commonly applied for in the U.S.:
Federal Pell Grant, the largest of the federal grant options and based on an individual’s EFC (expected family contribution) as determined by the FAFSA.[2]
Federal Supplemental Educational Opportunity Grant (FSEOG), federal grant program that is need-based, but directed towards students whose FAFSA results exhibit exceptional financial need, such as being among the lowest Expected Family Contribution (EFC).[3]
The Teacher Education Assistance for College and Higher Education (TEACH) Grant requires you to take certain classes in order to get the grant, followed by performing a specific job, sometimes in a specific location, to keep the grant from becoming a loan.
Institutional Grants, grants provided by educational institutions. Some institutional grants are based on academic achievement (merit awards or merit scholarships), while others are based on financial need, and some are a combination of the two.
Private and Employer Grants, grants provided by the private sector, for students who meet specific criteria for eligibility related to the private organization.
State Grants, public funds received from state agencies that are completely separate from those listed in the federal sector. These grants vary by state and awarded based on financial need.
