There are several types of need-based funding. Listed below are some examples:
Federal and State Grants — Eligibility is determined by filing the FAFSA and grants are awarded based on Federal and State criteria and methodology. Students who already have a Bachelor's Degree are not eligible for Federal and State Grants. Grants do not need to be paid back.
Federal Loans — Eligibility is determined by filing the FAFSA and loans are awarded based on dependency status and grade level. Loans must be paid back, but not until the student graduates, is enrolled less than half-time, or quits school. Interest rates, compilation, and payment schedules vary with different types of loans.
Student Employment (Federal Work-Study) — Eligibility is determined by filing the FAFSA. Students are given a job on campus and are paid by the University on a bi-monthly basis. Work-study money is earned by the student and can be used to defray tuition costs or for personal expenses.
Institutional Grants and Scholarships — Eligibility is determined by filing the FAFSA and institutional policies specific to the different grant and scholarship programs. Grants and scholarships do not need to be paid back.
Important information regarding the need-based financial aid process
Need-based awards are not automatically renewable each year. Students must renew their FAFSA application each year they plan to attend college. However, if the student and family financial information remains relatively constant, financial aid offers should remain similar year to year.
Never assume your family will not be eligible for need-based financial aid. Many families are pleasantly surprised by offers of assistance from Viterbo. The only way to know for sure whether or not you are eligible for need-based financial aid is to submit the FAFSA.
If you and/or your parent have unusual circumstances which could affect your ability to contribute to college expenses, you may qualify for a re-evaluation of eligibility. Unusual circumstances include, but are not limited to the following:
- Changes to earned income (i.e., loss of job, retirement, death)
- Legal separation/divorce after filing FAFSA
- Paid out-of-pocket medical expenses not covered by insurance of at least $5000
- Parent in college tuition expenses
- Parent’s own student loans/PLUS Loans for another student
Circumstances you feel we should know about must be communicated in writing with specifics concerning the circumstance, i.e., dates, amounts, etc. Use the form on the Special Circumstances webpage to explain the circumstance(s).
Additional paperwork will be required before the re-evaluation will be completed. The decision of the Financial Aid Office is final and cannot be appealed to the U.S. Department of Education.