Financial aid is any form of money which has been made available to help students pay for college. The majority of financial aid comes in the form of Federal and state grants and loans. It also comes from private sources, including La Sierra University itself. There are basically four kinds of financial aid programs: Scholarships, Grants, Federal Work Study, and Loans.
GRANTS - Federal, state and institutional funds awarded on the basis of financial need (usually measured by information from the FAFSA). Like loans, they do not have to be repaid. These include Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Federal SMART Grant, State Grants, and Institutional Grants.
LOANS are a form of financial aid that must be repaid. Most types of education loans do not require repayment until the student is enrolled. Both need-based loans, which are interest-free while the student is in school, and non-need-based loans, which accrue interest while the student is enrolled, are available. Most student loans have low interest rates during the repayment period. Payments may be deferred or forgiven based on certain conditions by the Federal government.
FEDERAL WORK STUDY - A program where the federal government contributes funds toward a student's wages. These funds enable students to work part time while going to school. Because of the large number of employment opportunities in the Riverside area, there are usually a sufficient number of jobs available off and on campus.