Financial Aid

FINANCIAL AID COMES IN TWO FORMS: 

GRANTS AND LOANS

  • Grants are money given on behalf of the student, which are not to be re-paid. Sources of grant include the federal government (Federal Pell Grant, Federal Supplemental  Educational Opportunity Grant, or FSEOG) and a number of private organizations.  Federal grants are applied for with a Free Application for Federal Student Aid (FAFSA)  while other programs may require additional or other applications.
  • Loans need to be re-paid!  That sounds logical, but students and others who apply for  loans must always be aware that they are taking on a financial responsibility and have promised to pay the money back with interest.  
  • Students apply for federal loans (the  Federal Direct loan) by going to http://studentloans.gov. and completing the Direct Loan Application.  Each student must complete the entrance counseling section and apply for a master promissory note. Parents who are interested in a Federal Parent Loan must go to the same website and complete the same information for Undergraduate Students (PLUS) and will automatically be sent an application/promissory note.
  • Private student loans are available from various banks.  Each loan has separate application, interest and repayment terms.  It is important that students and borrowers read the terms carefully before borrowing.  Feel free to ask your financial aid counselor any additional questions you may have.