Financial aid is funding that helps pay for a student's educational expenses. It can come from several sources, including federal and state governments and institutional aid. Awards may be based on grades, financial need, talents, or circumstances. Financial aid is awarded on a first-come, first-served basis.
Students must complete the FAFSA to receive federal, state, and institutional aid. Eligibility for financial aid and the amount they can receive are determined by several factors, including their Student Aid Index (SAI), year in school, enrollment status, and Cost of Attendance (COA).
Salem State offers two categories of aid: need-based aid (aid that considers only a student's and their family's ability to pay for college) and non-need-based aid.
Aid is then divided into gift aid and self-help aid:
- Gift aid can be need-based or merit-based (for example, a scholarship based on a student’s GPA) and is given to a student without the obligation of repayment; most grants, scholarships, and tuition waivers fall into this category.
- Self-help aid may be either a work-study award, which must be earned through an on-campus job, or a loan that must be repaid with interest.
Types of aid include:
- Grants
- Scholarships (institutional and outside/private)
- State tuition waiver programs
- Work-study
- Loans (federal, state, and private)
- Aid for veterans, active service members, and their families
- Tax benefits for higher education
Students can use the Financial Aid Estimator on StudentAid.gov to find out how much federal student aid they may be eligible for. Students can use the Federal Student Aid Estimator before completing the FAFSA to understand their college financing options and receive an early estimate of how much federal student aid they may be eligible for.
For detailed information on the FAFSA, types of aid, and eligibility criteria, visit studentaid.gov.
