More than 90% of our students receive one or more types of financial aid (grants, scholarships, on-campus employment, etc.), and a school with a higher sticker price may actually have a lower "out-of-pocket” cost once financial aid is factored in. Here’s a thumbnail sketch of the kinds of student financial aid:
- Grants do not need to be repaid. Some are awarded based on financial need; others recognize academic ability or performance in areas such as music or athletics. Independent institutions award significantly more grant aid per student than state universities do in order to help offset higher tuition prices. Many scholarships are also available through foundations, corporations, or other organizations.
- Loans must be repaid, usually starting after graduation. Many education loans feature low interest rates and generous payback schedules. The federal government sponsors a number of student loan programs, as do some colleges themselves.
- Jobs on campus or during summer breaks provide income to offset expenses and can be important sources of work experience.