Types of Financial Aid
When we talk about “financial aid,” we’re actually talking about several different types of assistance.
Scholarships and Grants
Scholarships are a very common form of gift aid at universities around the world. This type of aid may be based on financial need, student achievement and/or a variety of other categories.
PNW automatically considers all freshman applicants for merit-based scholarships. In addition to our merit-based scholarships, PNW has more than 200 donor-funded scholarships, many of which can be applied for with a single form!
Grants are another form of gift aid and come in many different forms. For students exploring financial aid options, grants can help with the cost of tuition and fees, books, housing and more.
The federal government and the State of Indiana award many need-based grants every year. The best way to get a head start on need-based grants is to fill out the FAFSA, which is critical to all parts of your financial aid.
Federal Work Study gives students an opportunity to work on campus in part-time jobs. This program functions much like a regular job, with the pay being sent directly to the student. Pay from a work study can help with living and educational expenses.
Many work study jobs are limited between 15 to 20 hours per week but this number varies by job and can be slightly more or less depending on student and work availability.
Loans are a type of financial aid that must be repaid. Most students who complete a FAFSA and meet financial aid requirements are eligible for a federal loan.
Federal student loans offer fixed interest rates and flexible repayment and deferment options. Private loans may also be an option for students.