Grants
A grant is considered gift aid (i.e., money which does not need to be repaid). Grants are usually given to students based solely on a demonstration of financial need. For federal grants, students must submit a Free Application for Federal Student Aid (FAFSA) each academic year. For state grants, student must submit a New York State Tuition Assistance Program (TAP) application each year.
Scholarships
Scholarships are gift aid (i.e., money which does not need to be repaid). Scholarships are usually given to students based on some form of demonstrated merit (e.g., academic ability, community service involvement, particular talent). Scholarships often require that the student has financial need in addition to being meritorious. Scholarships typically require the student submitting additional applications to the organization(s) offering the scholarship.
Work Study
Work Study is simply a part-time job, often on campus, for which a student earns a paycheck. It is considered financial aid because the government is paying a portion of the paycheck and the student must demonstrate need to qualify. Students must submit a FAFSA to determine their eligibility for work study.
Loans
Loans are aid funds that are borrowed and must be repaid at a future date. Repayment of federal loans will begin 6 months after a student graduates or ceases enrollment.
Sometimes a portion of a federal loan can be forgiven (i.e., not repaid) if a student goes into certain occupations, does full-time volunteer service after graduation, or under certain repayment plans.
More information: Federal loans | Private loans
Need-Based Aid
The financial need of a student is determined by the information provided on the FAFSA. Financial need is simply defined as the difference between the student's cost of attendance and the EFC (expected family contribution—the family's ability to pay towards the costs of attending college, as defined by the federal government).
- Cost of attendance
- EFC (expected family contribution)
- Need
Since a student's EFC is the same regardless of which school they attend, a student's need varies based on the cost of the school.