Types of Financial Aid

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Types of Financial Aid

Financial Aid is available at NIU from federal, state, university, and private resources. Many students receive and utilize aid from all sources. There are four primary types of financial aid.

  • Grants: Gift aid that is awarded based on demonstrated financial need. Grants do not have to be repaid.
  • Scholarships/Waivers: Gift aid that is awarded based on a variety of factors, such as academic achievement, talent, athletic ability, leadership, geographical location, field of study, and/or financial need. Scholarships do not have to be repaid.
  • Loans: Funds that are borrowed to help pay for educational expenses. Loans must be repaid, usually with interest.
  • Federal Work-Study: Funds that can be earned by working in exchange for wages. Employment earnings do not have to be repaid.