Financial aid helps students and their families pay for college. This financial assistance covers educational expenses including tuition and fees, room and board, books and supplies, and transportation. There are several types of financial aid, including grants and scholarships, work study and loans. Financial aid awards may include a combination of the various types of aid.
The four basic sources of financial aid are:
- Federal Financial Aid - the largest source of financial aid that offers (9) nine different aid programs
- State – North Dakota has various different aid programs based on financial need, academic merit, talents, or career choices
- Institutional - colleges and universities offer numerous scholarships, grants, and loans to students
- Private Sources - come from many different civic organizations, associations, clubs, foundations, churches, and businesses
The four types of financial aid are:
- Grants - awarded to students that show they have financial need. Grants typically do not require repayment
- Loans - a source of aid that must be repaid, usually with interest, after you graduate or stop going to school
- Employment - a program where students may work and earn money to help pay for school
- Scholarships - awarded to students based on special talents, skills or high academic achievement
*Some loan, employment and scholarship programs have financial need as a requirement.Financial Aid is any type of monetary assistance received by a student for a college education. This assistance can be in the form of scholarships, grants, work, tuition waivers, loans, etc.
In order to apply for federal financial aid, students must complete the Free Application for Federal Student Aid (FAFSA)