There are two basic types of financial aid: gift aid and self-help aid. They are distinctly different from the standpoint that gift aid does not have to be repaid. Self-help aid needs to be either repaid or earned. You can find out more about the different variations of these two types of aid below. Use this information to help you determine which types of aid are appropriate for you.
Gift aid - resources granted to student without need for repayment
- Grants - Grants are available to you through completion of your FAFSA application. Grants are awarded based on financial need.
- Scholarships - Scholarships are available from various organizations. These usually require a separate application and can be based on a wide variety of criteria. Find out more about scholarships at UWEC to find additional opportunities for aid.
Self-help aid - resources that must be repaid or earned through employment
- Loans - You may receive one or several loans as part of your financial aid award. These loans must be accepted, master promissory notes need to be signed, and entrance counseling must be completed before you receive these funds. Loans also need to be repaid with interest. The terms and conditions of each type of loan may be different so make sure you are reviewing your loan offers carefully. You may also receive loans through private banks, which tend to have higher interests rates and are less flexible than federal loans.
- Work-study - Work-study is a program in which you earn money from a part-time job to help pay for your school-related expenses. You must apply for and work the hours for a work-study job in order to receive these funds.