Types of Financial Aid

Financial aid can help you pay for college. Financial aid includes a variety of sources. Below is a summary of the different types of financial aid. For more details, click the link in the “Aid Type” column.

Aid Type Description Repayment Required? Criteria Application
Grants State or federal money that is considered gift aid. No, unless you fail to complete attempted classes. Varies; must show financial need on the FAFSA or TASFA. Complete the FAFSA or TASFA
Scholarships Gift aid awarded to students by the ACC Foundation or outside groups. No, unless you fail to complete attempted classes. May consider grade point average (GPA), financial need, college major, or other factors. Yes, a scholarship application
Work-Study Part-time work at competitive wages. No. Must show financial need on the FAFSA or TASFA. Complete the FAFSA or TASFA, & employer
application.
Federal Student Loans Money borrowed through the U.S. Department of Education’s federal student loan program Yes, plus interest. Must be within loan debt limits and must complete the FAFSA. Complete the FAFSA or TASFAloan student request.
Private Student Loans Typically issued by a financial institution, (as opposed to federal student loans, which are offered by the government). Yes, plus interest. Varies, most require a credit-check. Yes, check with the financial institution.

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