Types of Aid

There are only three types of financial aid: gift aid, loan aid, and job aid. There are important differences between each type of aid, and those differences – along with your financial situation – will determine which type of aid you are eligible for.

Scholarships & Grants (Gift Aid)

Scholarships and grants (or “gift aid”) are financial aid awards that you don’t have to pay back. Some gift aid is awarded based on merit (the recognition of outstanding academic achievement) and some gift aid is awarded based on your financial need.

Let’s look at some of the scholarships and grants that are available at Stonehill. Scholarships & Grants

Loans (Loan Aid)

Student loans (or “loan aid”) are a form of financial aid that has to be paid back, usually with interest. Some loans are better than others, and federal student loans are preferable to private market loans. Always determine your interest rate, fees, and repayment terms prior to agreeing to borrow any education loan. Student Loans

Work Study & Student Employment (Job Aid)

Work study and student employment(or “job aid”) are programs that provide part-time employment for students. Job aid often helps defray day-to-day costs of attending college – like books or late-night pizza. We administer both the Federal Work Study Program (“FWSP”) and a Student Employment Program (“SEP”). Work Study & Student Employment

Additional Financing Options

In addition to the types of aid highlighted above, families may wish to consider a payment plan or other alternative financing methods to help pay for educational costs. Additional Financing Options