Types of Financial Aid
College financial aid is available to help eligible students pay for college expenses. It is available in many forms such as grants, scholarships and student loans. Some students use a combination of student aid types to help pay for college.
Grants are a need-based award available to students who are determined to have exceptional financial need. Grants do not have to be repaid, except under certain circumstances. Types of grants include the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG) and the Arizona Leveraging Education Assistance Partnership (AzLEAP) Grant.
Scholarships are an opportunity to complete educational goals without borrowing a tremendous amount of student loans or pay out-of-pocket. Scholarships assist both academically-deserving students and those who demonstrate financial need. They are gift aid that does not have to be repaid.
Student loans are to help cover the cost of a college. Federal student loans are borrowed funds that you must repay with interest. Federal student loans usually offer lower interest rates and have more flexible repayment terms and options.