Types of Financial Aid

There are many sources and types of financial aid available for those interested in a health career. Need-based financial aid comes from federal, state, institutional and private sources. They include grants, scholarships, work-study employment and free loans. Individual colleges and universities are the best source for this information. Most have federal programs whereas state programs vary between states.

Scholarships

Awarded for outstanding academic performance or fulfillment of some other criteria — from financial need to athletic talent. Scholarships cover costs associated with schooling, such as tuition, books, fees or housing and usually don’t have to be repaid.

Grants

Do not require repayment and are usually based on financial need alone.

Loans

Funds that can be borrowed at relatively low interest rates. Repayment of the loan usually begins as soon as the student withdraws or graduates from school, although some loans require that payments begin as soon as the lump-sum loan is received.

Work-study programs

Allow students to earn money by working part-time, on or off campus, during the school year. Most work-study programs are for those who demonstrate financial need.