Grants and Scholarships
Grants/Scholarships = money for college that does not have to be repaid.
You usually have to demonstrate financial need to receive Grants. Federal, State and Instutional Grants are usually determined through the FAFSA.
To receive Scholarships, you usually have to demonstrate good grades, ability, talent, etc... These are determined through outside sources, or institutional sources.
Available Financial Aid
What Kinds are Available?
Financial aid awards include grants, loans, scholarships, and work/study employment:
- Grants and scholarships are gift awards and do not have to be repaid.
- Loans are sums of money the student/parent must repay. The reason that some loans count as financial aid is that they contain favorable repayment terms and are offered at low interest rates.
- Work/study is the opportunity to earn money that the students can apply to their college cost or living expenses.
Tax breaks are also available. Visit the Bursar's Office Web site for more information on the Hope Scholarship/Lifetime Learning Tax Credit.
How is Financial Need Determined?
Financial need is defined as the difference between a family's resources (the expected family contribution [EFC] as determined by the FAFSA processor) and the total cost of attending college.
The factors taken into consideration when evaluating a family's resources include:
- parental income/assets
- student income/assets
- family size
- number in college
The total cost of attendance includes: tuition and fees, room and board, and allowances for books and supplies and personal/travel expenses.
The following analysis is used: Total Budget (Cost) - Family Resources = Financial Need
The following tables list the various Taylor institutional aid programs:
