Types of AidThe University participates in various federal, state, institutional and private financial aid programs. There are three major types of financial aid. (1) Grants and Waivers - gift aid that does not need to be repaid, unless an overpayment has resulted due to the student withdrawing from school before the end of the enrollment period for which the grant was awarded. The school will notify the student whether any funds may need to returned. Students should meet with their financial aid counselor in person if they plan to withdraw from school. (2) Work Study – provides income for part time employment and does not have to be repaid. (3) Loans – money lent to a student that must be repaid with interest. The following is a description of financial aid programs. Please note that the term “undergraduate” in following section refers to students who are pursuing their first undergraduate degree.