Students and their parents beginning the college financial aid process will find there are many types of aid available. This list provides short descriptions of the most common types.
- Scholarships
A scholarship, like a grant, usually doesn't have to be repaid. Scholarships are usually based on grades, academic accomplishments and/or community involvement, or other criteria. - Grants
Grants are usually based on financial need and generally don't have to be repaid. These include the Federal Pell Grant and NYS TAP Grant. - Conversion Scholarships/Loans
This type of financial aid requires recipients to fulfill a service agreement or pay back the funds with interest. Examples would be the Federal TEACH Grant and NYS STEM and NYS Math and Science Scholarships. - Veteran & Military Benefits
The Federal and State governments provide education benefits for veterans, military personnel, and their families. - Loans
Loans have to be repaid. The most common is the Federal Stafford Loan, sometimes referred to as a Federal Direct Loan. - Student Employment
These programs let students work on or off campus to earn money for college. Examples include Federal Work-Study and America Reads, and Student Assistantships. - Waivers
A waiver lets a student attend college without having to pay certain fees. For example, a student serving as a Resident Assistant would receive full or partial credit for his/her dorm room.