Grants and Loans

Grants and Loans 

Grants. Loans. We know there are a lot of terms being thrown around when we talk about financial aid and it can get confusing. We’ve broken down all the information to help you understand what you need to know and we’re always here to help if you have more questions!

What are grants?

Grants are need based, which means you must qualify for them. They’re considered gift aid so you don’t have to repay them. When you apply for financial aid, you’re considered for all federal and state grants.

What are loans?

Loans have to be repaid. Several loans programs exist and are available to students. Some are federally-funded while others are available regardless of need. 
 

Grants

Remember, when you apply for financial aid, you're considered for all federal and state grants. Please note that some grants still require an application so pay close attention to each grant's details!

Loans

Student loans have become an essential component in financing educational expenses. Loans – by definition and regulation – must be repaid and therefore should be used sparingly and wisely. If you accept a loan, you are responsible for repaying the loan plus applicable interest. Remember that the more you borrow, the higher the monthly repayment will be, so only take as much loan funding as you need. To calculate your monthly repayment, use the StudentAid.gov Loan Simulator. 

Students must be admitted as degree seeking students to receive federal and private loans. If you are a non-degree seeking student, you are not eligible to receive a loan through the Financial Aid Office. All federal education loans require you to complete a Free Application for Federal Student Aid (FAFSA).

Each loan program has specific eligibility criteria, repayment, cancellation and deferment conditions. Visit studentaid.gov for more information.