Types of Aid
Types of Aid
There are several financial resources available to you which can be combined to help pay for your education. These are the resources you should seek out first to make furthering your education more affordable. Move down the list as necessary, but always remember to consider what your payment amounts will be before deciding to take on additional debt.
|1. Scholarships & Grants||Free aid offered by federal and state governments, PLNU and/or outside agencies|
|2. Self-Payment||Savings, monthly payment plan, family and friends|
|3. Federal Loans||Low interest rate loans, such as Perkins and Federal Direct Loans, offered by the federal government|
|4. Graduate PLUS Loans||Credit-based federal loans used if the cost of attendance exceeds federal loan eligibility|
|5. Private Loans||Credit-based loans used when all other resources are exhausted or if your program is not eligible for federal aid|
For more information on the financial aid process, visit the American Student Assistance website.
A scholarship is financial aid that does not need to be repaid. Scholarships are merit-based, which means they are offered based on merit or achievement in a specific area. You can receive scholarships through PLNU or apply for others online.
A loan is financial aid that must be repaid with interest. Loans are a type of need-based aid, meaning they are given based on financial need as determined by the Free Application for Federal Student Aid (FAFSA).
In addition to need-based aid listed above, PLNU offers other aid programs such as VA Benefits and ROTC, Yellow Ribbon Program (the GI Bill), Vocational Rehabilitation, Federal Work Study, and outside scholarships.