Types of Financial Aid
Think of financial aid programs as financial aid opportunities. Nebraska Methodist College students receive nearly $12 million in aid each year. Funding for this assistance comes from a variety of sources and selection criteria can vary.
Types of Aid
- Scholarships: These funds do not have to be repaid and are based on an eligibility factor outside of, or in addition to, financial need.
- Grants: These funds do not have to be repaid and typically are based on some definition of financial need.
- Loans: Money that students or parents must repay after graduation. Federal Student Loans and Private Educations Loans are available.
- Federal Work Study: Money for work performed, generally on-campus, but some off-campus positions are also available.
Categories of Aid
Financial aid awards fall into two broad categories - need-based and non-need-based:
- Need-based awards consider the student's financial situation in determining eligibility. Need is usually determined by the results of the FAFSA, however, certain organizations or agencies may have different or additional criteria that they consider.
- Non-need-based awards may consider academic qualifications (such as academic program, grade level, or grade point average) or other factors such as community service, participation in campus organizations, leadership, religious affiliation, residency status, or other qualifications.
Sources of Aid
There are at least three different sources of aid:
- Institutional: These funds come from Nebraska Methodist College and the Methodist Hospital Foundation.
- Government: The federal government is by far our largest source of aid at NMC. State governments also provide funding for education.
- Private: Funds provided by foundations, associations, banks, corporations, employers, churches, and other sources.