Ferris State University - Statewide & Online: Financial Aid & Consortium Transfer Policy - page 2

Grants
- gift funds based entirely on need that do
not have to be repaid.
Loans
- either federal or alternative loan funds which
must be repaid.
Federal loans
are awarded as a result of filing the
FAFSA. There are strict limits to annual amounts
students may borrow. Because the federal
government guarantees these loans, there are no
credit checks or cosigners involved.
Alternative loans
are available for students who are
not awarded enough other aid to cover all of their
expenses. Alternative loans require credit history
checks to determine the credit-worthiness of either
the borrower or cosigner of the loan.
Work Study
- students work part-time and earn
hourly wages up to the awarded amount.
Other types of financial aid:
Veterans
We would like to take this opportunity to thank you
for the contributions you have made to the defense
of our country while
serving in the
Armed Forces.
Ferris State University
offers many educational
benefits such as VA
Grants and scholarships,
Montgomery GI
Bill, and the various
chapters/programs
associated with Veteran’s
Plan ahead.
Fund success.
What is financial aid?
Financial aid is any resource that assists a student
in paying for his or her educational expenses.
Financial aid is an investment in your education
and may not cover all costs. We encourage
you to seek out all financial resources including
scholarships and grants. Financial aid programs are
intended to help students whose families cannot
pay all, or perhaps any, of their college expenses.
Financial aid programs include grants, loans,
scholarships and work study. About 84% of Ferris
students receive aid.
What types of aid are available?
Ferris State University offers federal, state and
institutional financial aid to qualified applicants.
There are four main types of financial aid:
Scholarships
- gift funds based on high academic
achievement or special talent. Some merit-based
scholarships are also need-based. Visit
for
more information about specific scholarships.
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