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 are need-based funds that do not have to be repaid. Every admitted student will be considered for all available grants upon completion of the FAFSA process.
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 Direct Loans are awarded automatically to eligible students who have completed the FAFSA process.
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.
Work Study is a limited, need-based 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 the FAFSA and other requirements early, and indicate on the FAFSA that they are interested in working on campus.