Types of Financial Aid
A student who submits a Free Application for Federal Student Aid (FAFSA) is considered for all federal, state, and institutional funds that are administered by the Office of Student Financial Services on behalf of the University. A student’s award package usually is a combination of gift aid and self-help aid. The composition of the aid package depends on the characteristics of the student, including program eligibility and degree of financial need, as well as on the availability of funds.
Gift Aid
Students who apply for financial help by the priority deadline are considered for all gift aid awards administered through the Office of Student Financial Services. To be considered for a Federal Pell Grant, a student must be an undergraduate and must not have received a bachelor’s degree. Most scholarships and grants awarded through the FAFSA process are based on financial need. The office also administers some programs based on merit.
In addition to specific qualifications for competitive undergraduate scholarships and fellowships awarded by the University, the committee or agency responsible for selecting recipients for a given scholarship or fellowship may consider such factors as the following in designating recipients:
- Standardized test scores
- Class rank
- Grade point average
- Leadership and extracurricular activities
- Status in national academic competitions
- Academic performance within a major and other performance criteria
- Financial need
- Socioeconomic background
- Educational level
Self-Help Aid
Long-Term Loans. Federal loan programs are available to assist students who show financial need. These programs have interest rates that may be adjusted annually and do not require repayment of principle or interest until the student has graduated or is no longer enrolled at least half-time. In addition, the loans offer a grace period between the time the student leaves school and the time repayment begins. Deferment or cancellation of repayment is available for situations such as military service, periods of unemployment, or teaching service in designated schools.
Federal and state loans are also available both to students and to the parents of students who do not show financial need. Interest rates on these loans are set by federal and state law. Under certain conditions, repayment of these loans may be deferred while the student is enrolled in school.
Employment. The Work-Study program provides jobs for students who show financial need and want to earn part of their educational expenses while attending school. The majority of Work-Study jobs are on campus, though some may be with off-campus nonprofit agencies. Depending on their education and experience, students may choose from a variety of employment opportunities.