Types of Financial Aid
There are many types of financial aid available:
- Federal Direct Loans
- Federal Perkins Loan
- Federal Graduate PLUS Loan
- Federal Work-study
- Alternative Loans
Scholarships are considered "gift aid" because they generally do not have to be repaid. In medical school gift aid is sometimes accompanied by service requirements.
Loans and employment are considered "self-help aid" because loans have to be repaid and by working you earn money for educational expenses. Loans are by far the largest source of financial aid for the majority of students and families.
Most grants, the Perkins Loan, and Federal Work-Study are need-based financial aid programs.
The Direct Unsubsidized Loan, GRAD Plus and alternative loans are considered non-need-based.