Types and Sources of Aid
Federal Student Aid
Most federal student aid is need-based, taking into account an expected family contribution (EFC) and comes in three basic types:
- Grants and scholarships, which are considered gift aid and generally do not have to be paid back. (Exception would be if a student withdraws.)
- Work study, which is money earned by working part-time while in school.
- Loans, which are funds that your or your parent borrow and must be paid back, usually after you leave school.
Federal Pell Grant
This federal program makes direct grants to undergraduate students without first baccalaureate or professional degrees in accordance with financial need as determined by the completion of the FAFSA.
Federal Supplemental Educational Opportunity Grant (FSEOG)
This is a campus based program and the funds are awarded by the institution. Students who receive this grant are Pell eligible and have not received a baccalaureate or profession degree.
Federal Work Study (FWS)
Campus based employment program and the funds are awarded by the institution. Awarded to students based on need as determined by the completion of the FAFSA.
- Yale Scholarships
- Yale Club Awards
- Endowed Scholarships
- Gift Aid from Yale Alumni and Friends