Types of Financial Aid

Grants can be an important part of your financial aid package.

If you have filled out your Free Application for Federal Student Aid (FAFSA), you’ve automatically applied for the major federal grant programs. To receive a grant, you must have financial need as defined by the federal government. You also must meet the eligibility requirements for financial aid

There are two major types of federal grants:

• Pell Grant
• Supplemental Educational Opportunity Grant

Federal Pell Grant
The Pell Grant program is the federal government’s largest student financial aid program. The maximum Pell Grant is based on full-time enrollment. The actual amount you get depends on a number of eligibility factors. If you’ve already received a bachelor’s degree, you’re not eligible for a Pell Grant.

Federal Supplemental Educational Opportunity Grant
Pell Grant recipients with exceptional financial need may qualify for the Federal Supplemental Educational Opportunity Grant (FSEOG). Funding for the grant is limited. Priority is given to students with the lowest Expected Family Contribution (EFC) that completed their FAFSA early.  A typical grant is $400 for the academic year.

Loans can help cover the cost of your education and must be repaid over time. Federal loans often offer lower interest rates and flexible repayment options, while private loans are provided by banks or other lenders and may have different terms. Learn more about choosing the right loan for your needs.

Many students can qualify for scholarships. Some scholarships require financial need, some are based on merit, and some combine both criteria.

Federal Work-Study provides part-time jobs for undergraduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study. Students may not work more than 25 hours per week; hours vary by department.

Student Employment Requirements:

• Currently enrolled in at least 6 credit hours
• Completed a FASFA application for the current academic year
• Minimum 2.0 GPA
• Complete Student Employment Application
• Work study award approved through the Financial Aid Office
• Participation in two (2) Student Employment Professional Development trainings per semester

If you are not sure if you have received or are eligible for a work-study award, please contact Human Resources at 517.796.8468.