Types of Aid
The Financial Aid office provides grants, loans and work-study funds for college students. Not all of that money is equal, some of it comes with interest or requirements. Learn more about the various financial aid options below:
Aid that does not need to be repaid (unless you withdraw from school or owe a refund).
Awarded based on financial need and enrollment level. Unlike a loan, it does not have to be repaid.
Awarded based on financial need, does not have to be repaid.
Aid that must be paid back with interest
William D. Ford Federal Direct Loans
This is the largest federal student loan program. Under this program, there are four types of Direct Loans available:
- Loans made available for students who demonstrate financial need to help cover the cost of higher education. You are not usually charged interest on the loan while you are a full-time student and during certain periods of time. Maximum loan amount $5,500 depending on grade level and dependency status.
- Loans available for students to cover costs of education, but the student doesn't have to demonstrate financial need to be elgible. You are responsible for interest accrued during all periods of the loan. Maximum loan amount $20,500 (less any subsidized amounts received during same time period).
- Direct PLUS
- Loans available to parents of students to help cover the cost of educational expenses not covered by financial aid. Borrower must not have adverse credit. Financial need is not required.
- Direct Consolidation
- Can combine all eligible student loans into a single loan with a single loan servicer.
Federal Perkins Loan
School-based loan program for students with exceptional financial need. Eligibility depends on your financial need and availability of funds at your school. Contact your school's financial aid office about elgibility. Maximum loan amount $5,500.