Types of Financial Aid
Financial assistance for college is characterized in three ways: type, eligibility, and source.
Types of aid
- Scholarships: These funds do not have to be repaid and are based on an eligibility factor outside of, or in addition to, financial need.
- Grants: These funds do not have to be repaid and typically are based on some definition of financial need.
- Loans: Money that students or parents must repay after graduation. Borrowers sometimes elect to repay loans during the enrollment period.
- Work-study Jobs: Money for work performed on-campus. These funds are not paid to a student account but rather directly to the student.
Eligibility For Aid
There are at least two types of eligibility criteria:
- Financial need based
- Merit, leadership or talent based
Sources of aid
There are at least three different sources of aid:
- Institutional: These funds come from Lafayette College. This is by far our largest source of aid at the College.
- Government: Money provided by the federal or state government.
- Private: Funds provided by foundations, associations, banks, corporations, etc.
Office of Financial AidLafayette College
107 Markle Hall
Easton, PA 18042
Fax: (610) 330-5758
Please include student's full name and Lafayette ID number with your inquiry. Personally identifiable data such as Social Security Numbers or Date of Birth should not be sent via email or email attachment to the Financial Aid Office.
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