Types of Financial Aid
There are two types of financial assistance available at Puget Sound:
- Need-based financial aid is awarded to students whose families do not have sufficient financial resources to pay for college as determined by completion of the FAFSA (Free Application for Federal Student Aid). Grants, loans, and work-study employment opportunities are all examples of need-based financial aid.
- Non-need based financial aid is awarded to students without regard to financial need. Academic, talent, or achievement awards are all examples of non-need based aid. Non-need based loans like Federal Unsubsidized Stafford and PLUS Loan are also available to assist in managing college costs.
There is a wide variety of funding available to assist students and their families with educational expenses. Financial aid is available from federal, state, university, and private resources.
Grants – Gift aid that is awarded based on demonstrated financial need. Grants do not have to be repaid.
Scholarships – Gift aid that is awarded based on many factors including academic achievement and/or financial need. Scholarships do not have to be repaid.
Loans – Loans are borrowed money that you repay with interest to the lender.
Work-Study Employment – Need-based financial aid program that assists students by providing an opportunity to work part-time while going to school.