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.
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 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 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.
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.