Types of Aid
There are five main types of financial aid:
- Grants - Free money usually based on a student demonstrating financial need.
- Loans - Funding that needs to be repaid. Sometimes the student is the borrower, sometimes the parent.
- Work Study - Funding that is earned by working at a job on campus or at a non-profit agency in the community.
- Scholarships - Free money usually based on some criterion of merit. It may include demonstrated need as a criterion as well.
- Tuition Waivers - Funding that directly pays a percentage of a student's tuition based on meeting a qualifying condition.
The source of the funding can be the federal or state government, UM or a private organization.