What is Financial Aid?
Student financial aid refers to funding intended to help students pay tuition or other costs, such as room and board, for education at a college, university, or private school.
What are Grants?
Grants are gift aid — money that does not have to be repaid. All grants are need-based. Pell grant is automatically awarded to eligible students who have completed the FAFSA process. Grants other than Pell are limited funds and are typically awarded to students who demonstrate the greatest "need" as determined by the FAFSA. Students with less need and those who have completed the application process late are generally not awarded grants.
What is a Scholarship?
Scholarships are merit-based funds that do not have to be repaid. Scholarship funding comes from a variety of sources including state government, a college/university or private donors.
What is Work Study?
Work Study is funding that students earn by working on campus. Students are paid an hourly wage for the number of hours they work during each pay period. To qualify for work study, students must complete a FAFSA and indicate on the FAFSA that they are interested in jobs.
What is TIP?
The Tuition Incentive Program (TIP) encourages eligible students to complete high school by providing tuition assistance for the first two years of college and beyond.
TIP Phase I
The State will pay up to 24 credits hours per academic year for up to a total of 80 semester hours (120 term hours) of credit within four years following high school graduation or GED completion. The student must be enrolled in an associate degree program.
TIP Phase II
TIP will provide a maximum of $2,000 in tuition benefits to qualified students for the purpose of continuing beyond the associate degree (benefits cannot exceed $500 a semester and is tuition specific).These benefits must be used within 30 months of completion of Phase I.
What are Loans?
Loans are funds that you must repay. Most student loans are set up with deferred payments, meaning you do not have to begin repaying them until you have either graduated or you drop below half–time attendance or withdraw. Traditional student loans, known as Stafford or Direct Loans are awarded automatically to eligible students who have completed the FASFA process. Other loans, known as alternative loans, require a separate application and creditworthiness.
Please see following link for more information regarding FSU Grants, Scholarships,
Work Study, TIP, and Loans available: http://www.ferris.edu/HTMLS/admision/financialaid/TypesOfAid.htm
Ferris State University Financial Aid Homepage