Types of Financial Aid
Financial aid consists of any grant, scholarship, loan or employment program offered for the purpose of helping students meet educationally related expenses. Such aid is provided by or through federal and state agencies, foundations, corporations and the colleges and universities themselves. The financial aid award is based on your individual financial need and eligibility, and may include various types of aid. This is your financial aid package. This package may include any combination of the following:
Grants: Gift aid – money which you do not have to repay; awarded to students who possess financial need as determined by the FAFSA form.
Employment Program (Federal Work Study): provides on-campus jobs to students who possess financial need as determined by the FAFSA form.
Scholarships: Gift aid – based on academic performance or achievement. Scholarships can be offered by Potomac State College or by an outside source.
Loans: Money that students and/or parents borrow for college expenses which must be repaid (usually after college).