Understanding the Types of Financial Aid
Financial aid comes in many forms — and most students receive more than one type. At Cheyney University, we’re committed to helping every student find the right mix of funding to make their education affordable. From scholarships and grants to work-study opportunities and student loans, there are multiple ways to make college costs more manageable.
Use the guide below to learn about the main types of financial aid available and explore the options that best fit your goals and circumstances.
The five primary categories of financial aid are: Scholarships, Grants, Loans, State Funds, and Work Study. Each plays a unique role in helping students pay for college — click below to learn more about how each one works.
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Scholarships are awards based on merit, talent, or special criteria — and they don’t have to be repaid. Cheyney University offers a variety of institutional scholarships, and students are also encouraged to apply for outside opportunities. Scholarships can be based on academics, leadership, athletics, or community involvement. |
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Grants are need-based funds that do not need to be repaid. They’re typically awarded based on financial information submitted through the FAFSA. Examples include the Federal Pell Grant and other federal and institutional aid programs. Grants help reduce out-of-pocket costs for students with demonstrated financial need. |
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Student loans are borrowed funds that must be repaid with interest. Federal loans often provide lower rates and flexible repayment options compared to private loans. Borrow only what you need — and make sure to understand the terms before accepting any loan. |
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State aid programs offer grants, scholarships, or tuition assistance to eligible residents. Pennsylvania students, for example, may qualify for funding through PHEAA (Pennsylvania Higher Education Assistance Agency). Be sure to file your FAFSA by the May 1 state deadline to be considered. |
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The Federal Work Study program provides part-time employment for students with financial need, allowing them to earn money while gaining valuable experience. Work study positions are available on campus and with approved community partners, helping students build professional skills and offset educational expenses. |
Ready to Get Started?
Every student’s financial situation is unique, and the best aid package often combines several types of assistance. Our team in Student Financial Services is here to help you understand your options and build a plan that works for you.
Schedule an Appointment or Apply for Financial Aid today to take the next step toward funding your Cheyney education.