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FAQs About Other Types of Aid

Q.
What types of financial aid are there?
A.

Student financial aid programs are generally classified as gift/grant aid and self-help aid. Gift aid is awarded in the form of scholarships, fellowships and grants that do not have to be repaid. Self-help aid is awarded in the form of work or student employment programs and loans that must be repaid. Most, but not all, financial aid programs are awarded on the basis of financial need. Some programs, particularly scholarships, are awarded on the basis of academic achievement or merit.

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Q.
What is a Federal Pell Grant?
A.

The Federal Pell Grant program awards money to eligible students based on the results of the student's FAFSA (Free Application for Federal Student Aid). Unlike a loan, a Pell Grant doesn't have to be repaid. For many students, Pell Grants provide a foundation of financial aid to which other aid may be added.

Pell Grants are awarded only to undergraduate students who have not earned a bachelor's degree or a professional degree. (A professional degree is more advanced than a bachelor's degree. A student might earn a professional degree in fields such as dentistry, pharmacy, medicine, or law.) In some cases, you might receive a Pell Grant for attending a post baccalaureate teacher certification program.

For more information, see Federal Grant Programs: Pell Grants.

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Q.
If I am not eligible for a Pell Grant, are there other types of financial aid I can receive?
A.

Yes. Many undergraduates who do not qualify for a Federal Pell Grant may still qualify for a state grant or campus-based aid. Grant funds are limited, which is why it is so important to submit your financial aid application in a timely manner. Virtually all students can qualify for some form of student loan but should consider the obligations associated with borrowing.

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Q.
What is campus-based aid?
A.

These federal programs are administered directly by the financial aid office at participating schools. Not all schools are involved with all three programs. The Federal Supplemental Educational Opportunity Grant (FSEOG) Program awards grants, the Federal Work-Study (FWS) Program offers jobs, and the Federal Perkins Loan (Perkins) Program offers loans. Each participating school receives a limited amount of funds for these programs, so apply early!

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