What Is It?
There are four basic types of financial aid:
- Scholarships. A scholarship is an earned gift. You earn it by achieving excellence in academics or co-curricular activities. It never has to be repaid.
- Grants. A grant is a gift that is based on the financial need of your family. It never has to be repaid.
- Loans. A loan is not a gift. However, student loans provide money for schooling at the lowest possible interest rates, and under many loan programs, interest does not accumulate while the student is in school.
- Work. The employment programs provide part-time jobs that are funded by either the federal and state governments or by Dordt University.
There are three basic sources of financial aid:
- Federal and state governments
- Dordt University
- Outside sources