There are five different types of awards that may be included in your financial aid award package:
Scholarships are often referred to as "free money" because the student is not required to repay the awards. Scholarships may be awarded from the institution or from outside agencies.
Grants may be federally or state funded. Grants may be based on need or on academic performance. Generally, grants do not need to be repaid.
Federal loans are available for both students and parents of dependent students. These loans must be repaid upon graduation, with interest.
Federal work study provides on campus employment opportunities. Students will earn a bi-weekly paycheck for hours worked.