Types of Aid
To apply for federal, state, and institutional aid, you need to complete the Free Application for Federal Student Aid (FAFSA). Completing the FAFSA is free, easy to complete, and gives you access to the largest sources of financial aid to help you pay for college. There are five main types of student financial aid:
Requires a FAFSA application. Funds are available to both students and their parents. All loans must be repaid with interest. Repayment begins when you are no longer attending college at a part-time credit level or graduation.
Are given without repayment requirements but may have many factors involved in meeting requirements, often need and academic levels. There is a separate application required, many require a complete FAFSA.
State sponsored programs such as Tuition Incentive Program, Michigan Competitive Scholarship (MCS), Michigan Education Trust (MET), and Michigan Education Savings Plan (MESP).
Be sure to explore other sources of financial aid including external scholarship opportunities, military and veteran benefits and American Indian tuition waivers.
Remember: There are many steps to determine eligibility for financial aid. Also, after qualifying, a student must make Satisfactory Academic Progress (SAP) in order to maintain eligibility for most financial aid programs.