Centre College Cost & Value Brochure - page 6

There are four basic types of financial assistance: grants,
scholarships, work-study, and loans.
gRants
A grant is a gift based on need. You don’t have to repay it.
Grants from Centre’s endowment and from alumni gifts
are a significant part of almost every need-based financial
package. Grants can also come from the federal govern-
ment or from your state. They are awarded for one year at
a time, although they can be renewed. You must file an ap-
plication for financial aid so that we can determine the
amount of the grant award.
sCholaRshIps
A scholarship is a gift based on achievement (academic,
extracurricular, and personal). Scholarships are renewable
through your four years at Centre and carry an obligation
to perform at a certain level of achievement.
WoRK-stuDy (Campus EmploymEnt)
Work-study assignments on campus of up to 10 hours per
week pay at least $7.25 per hour. You help pay for college
and gain valuable experience. Your hours are arranged
around your class schedule. You must be eligible for need-
based financial aid to qualify for federal work-study
support.
loans
The U.S. Department of Education offers several types
of loans, most with low interest rates and repayment
schedules that do not begin until you graduate. They are
based on the Free Application for Federal Student Aid
(FAFSA) and are available through Centre. Federal Direct
Stafford Loans (subsidized) are the most common.
Unsubsidized Stafford Loans and Federal Perkins Loans
offer additional resources.
Four Types of Aid
1,2,3,4,5 7,8,9,10,11,12
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