Financial Aid
Types Of Financial Aid

There are four basic types of financial aid - grants, loans, scholarships and work study. For a complete list of federal, state, and institutional programs please click here.

Grants

Grants are gift aid — money that does not have to be repaid. All grants are need-based. Pell grant is automatically awarded to eligible students who have completed the FAFSA process. Grants other than Pell are limited funds and are typically awarded to students who complete their financial aid application requirements early and demonstrate the greatest “need” as determined by the FAFSA. Students with less need and those who have completed the application process late are generally not awarded grants. For more information regarding grants offered at Ferris State University, please click here.


Loans

Loans are funds that you must repay. Most student loans are set up with deferred payments, meaning you do not have to begin repaying them until you have either graduated or you drop below half–time attendance or withdraw. Traditional student loans, known as Stafford or Direct Loans are awarded automatically to eligible students who have completed the FAFSA process. Other loans, known as alternative loans, require a separate application and creditworthiness. We recommend reviewing our preferred lender list. For more information regarding loans offered at Ferris State University, please click here.


Scholarships

Scholarships are merit-based funds that do not have to be repaid. Scholarship funding comes from a variety of sources including state government, Ferris State University and private donors. For more information regarding scholarships offered at Ferris State University, please click here.


Work Study

Work Study is funding that students earn by working on campus. Students are paid an hourly wage for the number of hours they work during each pay period. To qualify for work study, students must complete a FAFSA and other requirements early, and indicate on the FAFSA that they are interested in jobs. For more information regarding work study offered at Ferris State University, please click here.