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What is Gift Aid?

Grants and scholarships are resources also known collectively as “gift aid” – they do not need to be repaid or earned by working. Most grants are considered need-based awards, while scholarships typically are merit-based.

Grants

Grants are gift aid awarded to students. Funds are awarded based on a student's calculated need as determined by the university’s financial aid staff.

Scholarships/Merit-Based Awards

Scholarships and merit-based awards are gift aid awarded to undergraduate students solely on a merit basis. When awarding merit aid, we take a holistic approach, looking beyond the numbers related to academic talent alone and reviewing what a student contributes outside the classroom. We also consider recommendations and personal essays. Learn more about AV������'s scholarships and merit-based awards >

Loans are funds that are borrowed and must be repaid over time, usually with interest. Loans can be made available through the federal government, lending institutions such as banks and credit unions, and AV������. Some loan types are based on financial need, while other loan options are available to all students regardless of their need levels. Loan repayment periods and terms vary by loan type and lender and it is important to understand this information when deciding to take out a loan.

The following are educational loan opportunities for students and/or parents/guardians:

Federal Loans (Direct and Parent Loans for Undergraduate Students [PLUS])

Federal Direct loans are funds that a student is required to repay after graduating from college (or once no longer enrolled at least half time). Parent Loans for Undergraduate Students (PLUS) are funds that a credit-worthy parent may borrow. PLUS loans begin repayment while the student is in school.

AV������ Tuition Loans

AV������ Tuition Loans are funds that are awarded based on financial need and are required to be repaid.

Private/Alternative Loans

A Private/Alternative Loan is a loan that a student can borrow to help finance the family's expected contribution. These loans are based on one's credit history. A student who has not established credit can apply with a co-borrower and can borrow up to the cost of attendance minus any aid received. A wide variety of private loan providers are available. We strongly recommend that you carefully review all the terms of each individual loan, as they can vary greatly. Individual loan providers have their own applications and timelines. Plan to apply at least 30 days prior to the date the bill is due. 

Federal Work-Study or Institutionally Funded Work Opportunity

Through AV������ work-study awards, students can earn money to help meet expenses that are not billed by the institution, such as books and personal expenses. There are usually plenty of employment opportunities available, so students have ample opportunity to earn their full awards.

There are many private scholarships you may apply for that may or may not be need-based. These awards are based on various factors, such as academics, career goals, etc.

You can access free scholarship information online at or and search for a scholarship that matches your interests and qualifications. In most instances there is no charge to apply for scholarships and no guarantee that you will receive a scholarship. The Office of Financial Aid maintains a list of . We strongly recommend that you avoid scholarships that require payment to apply.  Be sure to carefully research the organization and be wary of scholarship scams. Each private scholarship has its own criteria and application process. Please review AV������'s Outside Scholarship Adjustment Policy to find out how these awards may affect your need-based financial aid package.