Types of Financial Aid

Types of Financial Aid

RCU participates with the U.S. Department of Education in Title IV financial aid programs and is approved to process federal student aid. Students applying for federal student aid must satisfy certain eligibility requirements. Other forms of financial aid have similar eligibility requirements, as well as additional restrictions.

There are several types of financial aid, including grants, scholarships, work-study and federal or private loans. Different types of aid are provided through various sources, such as federal and state agencies, colleges and private sources to help students pay for their educational expenses. The general types of financial aid are listed below:

  • Grants: a type of financial aid that does not have to be repaid, often need-based
  • Scholarships: a type of financial aid that does not have to be repaid, awarded on the basis of academic or other achievement
  • Work-Study: a federal program through which students may contribute toward their educational expenses by working part-time
  • Loans: federal or private student loans that must be paid back
  • Detailed information about repayment of federal loans – including borrower rights and responsibilities – can be found at

For more information on financial aid, including eligibility, dollar amounts, deadlines and how to apply, use the links below to select the appropriate program: undergraduate, graduate, accelerated learning or veteran: