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TYPES OF FINANCIAL AID

There are four main types of financial aid, as indicated below. Students who receive financial aid may be awarded a combination, or package, of these four types of financial aid:

Grants: financial aid that does not have to be repaid. Generally, grants are for undergraduate students, and the grant amount is based on need, cost of attendance, and the student's enrollment status.

Loans: borrowed funds that must be repaid with interest. Both undergraduate and graduate students may borrow money. Maximum loan amounts depend on the student's year in school.

Work-Study: funds earned by students working part-time (average 10-15 hours per week) for eligible employers. Students earn wages up to the amount of their Work-Study award.

Scholarships: gift funds that are based on high academic achievement or special talent. These funds do not have to be repaid.

Click the links below to read more details:

  1. Federal Programs
  2. Michigan Programs
  3. Agency Programs
  4. Other Programs
 
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