It’s important to know what type of aid you are applying for so you understand your responsibilities in order to receive those funds, and do not end up with any unwanted debt. The Financial Aid Office at your home campus can give you a more in-depth explanation of the different types of financial aid listed below.
Grants
Funds awarded to students based on their financial need. It is also called “gift aid”. These awards come from federal, state and/or university funds, and generally do not need to be repaid. You will need to complete the FAFSA every year to be eligible for any of these funds.
Scholarships
Funds awarded to students based on either financial need, declared major, interests, grades, background and many other factors. Scholarships do not need to be repaid, but certain criteria must often be met to maintain scholarships. Some private scholarships require you to complete the FAFSA to determine your eligibility for their awards.
After completing the FAFSA, some scholarships are offered automatically through your college on your Financial Aid Award Offer. However, there are many other scholarships that you may be eligible for that have different application processes from the FAFSA.
See Tips on Searching for Funding to learn more.
Loans (federal, private)
Money borrowed from the federal government or private institution. Loans MUST be repaid once the student ceases to attend school or drops below half-time (6 credit hours) enrollment. Federal loans can be subsidized (no interest added) or unsubsidized (interest included). Most private loans are unsubsidized. To qualify for federal subsidized loans, you must complete the FAFSA every year.
Work Study
This is federal or state funding for on-campus and off-campus part-time employment for students enrolled at least half-time (6 credit hours). You must complete the FAFSA every year to qualify for federal work study.
Stipends
A stipend is defined as a fixed sum of money paid all upfront or periodically to cover living expenses and other costs as well as to pay for services provided. It is often used as a form of financial aid for students or trainees who are enrolled in educational institutions or engaged in some sort of training program. (www.study.com)
Some stipends may require work commitments following completion of training and/or degree program, and may be subject to payback if work commitments are not fulfilled.
Check out this helpful overview of the different types of funding by the Hawaiʻi Community College Financial Aid Office.
Contact Your College’s Financial Aid Office Today
Be sure to visit the Financial Aid Office at your home campus! While some things are the same across the UH system, there are certain procedures and deadlines that are unique to each campus.
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FAFSA vs. Other Sources of Funding (non-FAFSA)
There are two main methods for applying for financial assistance based on how the funding is administered and who is providing the funding.
| FAFSA | OTHER SOURCES OF FUNDING |
|---|---|
| Federal, state and university grants, scholarships, stipends, work-study and loans that awarded through the FAFSA application. There is only one application process for this method of funding. | Sources of funding from a variety of different private foundations and non-profit organizations that require additional application processes, apart from FAFSA. Each funder will have their own process for applying. You will likely complete multiple applications to access the various sources available to you through this method of funding. |
| The funds you receive from completing a FAFSA application will be handled directly through your college’s Financial Aid Office. You do not choose what awards you will apply to; rather, after applying for FAFSA, the college notifies students about their “Financial Aid Award,” which includes a list of any awards they may qualify for based on financial need. From there, students decide which awards they will keep and which ones they will deny. It’s a good idea to accept the ones you do not have to pay back; however, be cautious about which loan awards you accept, and be sure you are clear on your responsibilities if you do accept a loan award (i.e. payback responsibilities). | The funds may or may not be administered through your college’s Financial Aid Office, and are typically in the form of scholarships. Students choose which other sources of funding they will apply to based on whether or not they meet the criteria. Search for funding sources that match your particular field of study, demographics, and life circumstances to increase your chances of qualifying for them. Some of these external scholarships may be awarded through your college’s Financial Aid Office, or they may be paid directly to the Billing Office, or even paid directly to you for you to make tuition payments. |
Start Applying for Financial Aid
Even with the explanations above it’s easy to get lost in the web of college funding. Hang in there! Things will make sense as you go along. Click below for some steps to get you started on your journey.