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Types of Financial AidTypes of Financial Aid

Types of Financial Aid

Financial aid is federal, state, institutional and private fund(s) used to assist eligible students to finance their education. Financial aid can be a combination of scholarships, grants, loans and employment.

There are two basic types of financial aid — gift aid and self-help aid. Gift aid is Financial aid, such as grants and scholarships, that do not need to be repaid. Self-help is Financial Aid in the form of loans or student employment. All types of financial aid can help you pay for college. Options for Cal U students are listed and explained below.

To learn more about the most common types of financial aid, click on the following links:

  • Grants are form of financial aid that do not have to be repaid.
  • Scholarships are a form of financial assistance that do not have to be repaid. Scholarships may be awarded based on any number of criteria, such as academics, achievements, hobbies, talents, and affiliations with various groups, or career aspirations.
  • Work-Study Program allows you to earn money in the form of a pay check that is applied to your education expenses.
  • Loans are an advance of funds guaranteed by a signed promissory note in which the recipient of the funds promises to repay a specified amount under prescribed conditions. A financial source that is available to students and their parents through student loan programs with varying interest rates and repayment provisions to supplement the family's financial resources, scholarships, and grants.