Types of Financial Aid

Group of higher ed students

Financial aid comes in three forms: gift aid, loans, and employment:

  • Gift aid, most commonly in the form of grants and scholarships, is financial aid that never has to be repaid. Grants, usually from the federal government or State of Ohio, are based on financial need. Scholarships are usually based on academic or extracurricular performance and come from a number of different sources.
  • Loans are money that you borrow and then pay back over time. Unlike a car loan, though, you don't start paying right away. Your loan repayment is on hold until after you are no longer in school. The federal government operates several student loan programs.
  • Work-study: Student employment, the most common of which is the Federal Work-Study Program, is a financial aid award that allows a qualified student to work on campus. Ohio's work-study program places students in jobs on campus and in nonprofit organizations.