Types of Student Financial Aid
Financial aid is funding provided by federal and state governments, schools, University and some times corporate and private business sector businesses to help students pay for their educational expenses. The Financial Aid Office awards aid mostly for periods of enrollment and sometimes summer sessions. Scholarships – free money, does not have to be repaid while student continues to meet certain requirements.
For most times financial aid usually falls under two types of assistance –
- Gift aid: academic, sports scholarship and grants etc. based on personal achievements and excellence in certain area that don’t have to be repaid.
- Self-help financial aid:
- Loans – Federal, state and private loans that must be repaid.
- work-study programs – Work-study funds that must be earned by jobs offered by or in coordination with the financial institution.
Besides regular financial assistance or financial aid , aid for programs abroad, exchanges, and internships may also be available depending on the institution. Financial aid is available for study abroad programs, exchange programs, and internships during both the summer and the regular academic year. Aid is also available for a number of exchange programs.
About financial aid for programs abroad, exchanges, and internships. You may want to explore school’s summer session funding, Veterans benefits and subsidized child care.
These financial aid and benefits are offered on first come first serve basis and the awards are based on one or more of these factors:
- Your status as either an undergraduate or a graduate student.
- The date you filed your Free Application for Federal Student Aid (FAFSA) (their may be a deadline for priority consideration to encourage early requests).
- Your financial need (read more about need and how UCSD determines financial aid awards).
- Fund availability and individual program requirements (read more about award packaging for undergraduates and graduate students).
- Your eligibility (sometimes you may be ineligible for some or all types of financial aid based on criterion set by the institution ).