Are There Different Types Of Financial Aid?

You may be eligible for some of the federal, state and private financial aid programs, including:

• Scholarships and Military
• Loans
• Grants
• Work Study
• Payment Plans

Financial Aid Loans and Grants:

Loans are borrowed funds that MUST be repaid with interest.

• Federal Stafford Loans (subsidized and unsubsidized)
• Federal Parent PLUS Loans

Grants are different from student loans. Grants are funds that are typically awarded based on financial need, and grants don’t have to be repaid.

• Federal Pell Grants
• Federal Supplemental Educational Opportunity Grants (FSEOG)

Financial Aid Federal Work Study Program:

• Federal Work Study is a program that provides both on and off campus based jobs to students with financial need, so that you can earn money to help you pay for your education expenses.

Payment Plans:

• Payment plans may be available to you. Please contact a financial aid advisor for more information.

For the Federal Direct Subsidized or Unsubsidized Loan, the current origination fee (after 10/1/2020 and before 10/1/2023) is 1.057%; for Direct Parent PLUS Loans, the origination fee is 4.228%. This percentage will be automatically deducted from the amount that you are going to request for.

During the 2012-2023 Academic Year, the interest rate for the Federal Direct Subsidized or Unsubsidized Loan is 4.99%; for Direct Parent PLUS Loans, the interest rate is 7.54%.