Scholarships

These are awarded to undergraduate students and are usually based on their merits and accomplishments. Here are some common ways that students receive scholarship aid:

• They demonstrate academic excellence.
• They have shown remarkable leadership skills.
• They meet specialized criteria of extracurricular activity, demographics, volunteer activity, essay writing, etc. (There are so many different types that they can’t be listed here!)

One way you can find out about scholarships is by checking with the Financial Aid Office. The U.S. Department of Labor also has a free search tool for finding and applying for scholarships.

Scholarships generally do not need to be paid back. They are money given to support your studies, no strings attached.

Grants

These are similar to scholarships because they don’t need to be paid back. However, grants are usually awarded to students differently from scholarships:

• They are often need-based.
• Family income, size, and demographics may be factors.

One of the biggest grants available is the Pell Grant.

As a student at the University of Lynchburg, you will automatically be considered for a university-wide grant upon your acceptance. The Virginia Tuition Assistance Grant (VTAG) is also awarded to Virginia residents who enroll full-time at the University of Lynchburg.

Loans

Loans differ from scholarships and grants because they must be paid back. There are two kinds of loans you can borrow:

• Federal direct student loans: These have lower interest rates and generally don’t require repayment until after graduation.
• Alternative loans: These typically have higher interest rates and may require payment before graduation.