Types of Financial Aid
Financial aid is money to help pay for college or career school and is one of the avenues students use to pay for college tuition and related expenses.
Types of Financial Aid
Grants are a form of financial aid that do not have to be repaid back and are mainly awarded to students who are in need of financial help. A variety of federal grants are available, including Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grants, and Iraq and Afghanistan Service Grants.
When you receive a student loan you are borrowing money to attend a college or career school. You must repay the loan as well as interest that accrues. It is important to understand your repayment options so you can successfully repay your loan.
There are several types of loan programs. Eligibility is determined by your school’s financial aid office from information provided on the Free Application for Federal Student Aid (FAFSA). In addition, states and colleges use FAFSA information to award their own grants, scholarships, and loans. But, since aid is limited, you have to meet the deadlines!
A scholarship is a type of financial aid provided to a student that does not have to be repaid. Scholarships are sometimes based on factors such as academic merit, talent, academic achievements, financial need, or a particular area of study. Many nonprofit and private organizations offer scholarships to help students pay for college or career school. Scholarships can make a real difference in helping you manage your education expenses.
Tuition waivers are non-cash scholarships. The Montana University System offers various waivers to students who meet specific criteria. If you are eligible, your tuition is waived. Waivers, however, do not cover registration, mandatory, class or other miscellaneous fees.
There are special aid programs or additional aid eligibility for serving in the military or for being the spouse or child of a veteran. The Department of Veterans Affairs administers a variety of education benefit programs. Many Veterans and active duty personnel can qualify for more than one education benefits program.
Work study is a federal program in which students work at a job available on their campus and earn a wage.
State Work Study:
Work Study is a federal or state funded program offered to eligible students who demonstrate
financial need. The money earned is intended to assist with meeting educational expenses.
If Work Study is awarded as part of a financial aid package, the student is eligible
to apply for a Work Study job.
To obtain more information on work-study jobs, contact the financial aid office at the college in which you are enrolled or plan to attend.
Federal Work Study:
Like the Montana Work Study program the Federal Work Study (FWS) programs provides part-time employment to students with financial need. In order to be eligible for the FWS program a student must complete the Free Application for Federal Student Aid (FAFSA). To learn more about the Federal Work Study program visit Federal Student Aid, an office of the U.S. Department of Education.
MUS Campus Financial Aid Offices are ready to help students apply for and receive student loans, grants, scholarships, and other types of aid. Click the link below to view specific campus contact information