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.