What is Financial Aid?
Financial aid is any grant, scholarship, loan or paid employment offered for the express purpose of helping a student meet educationally related expenses. Such aid is usually provided by or through federal and state agencies, foundations, corporations, and the colleges and universities themselves.
Grants and scholarships are regarded as "gift" assistance and need not be repaid although they may carry certain provisions.
Loans are usually offered at low interest rates and can be repaid over an extended period after the student leaves the institution. Work Study grants are offered in the form of a job, the student is paid an hourly rate for work actually performed.
The amounts and types of financial aid that students receive are determined through federal, state and local guidelines, and are offered to students in combinations or "packages" designed to fit applicants' financial needs.
What is Financial Need?
Basically, it is the amount representing the difference between a family's expected family contribution, as determined by the Free Application for Federal Student Aid (FAFSA) and a student's cost of attendance. Chesapeake College expects that the student and his or her parents will contribute to the fullest of their ability from income, assets and other resources in meeting college expenses.
- Contributions from parents' income and assets
- Student's income and savings
- Veterans benefits
- Vocational Rehabilitation Grants etc.
- State scholarships or grants
- Private scholarships - ex. local businesses, foundations and civic organizations.