Financial Aid vs. Scholarships

Financial Aid

Financial aid is available for eligible students to use toward paying educational costs while enrolled in a degree-seeking program. Using the Free Application for Federal Student Aid (FAFSA), you will be considered for three types of financial aid:

  • Grants
  • Work-study
  • Student Loans

Separate application forms are not required to be considered for these types of aid. Apply early and apply annually to be considered.

Need-based financial aid eligibility is determined by the FAFSA and the availability of funding. You must qualify each year to receive need-based awards. Need-based awards include:

  • Grants
  • Work-study
  • Federal Subsidized Direct Loan

For the most part, a grant or gift aid does not need to be repaid. You earn the work-study award through on-campus or off-campus employment. A Subsidized Direct Loan means that the federal government subsidizes (pays) the interest while you are in school.

According to federal financial aid regulations, the total financial aid award cannot exceed the Cost of Attendance. The Financial Aid Summary in the UCDAccess is where you can view the Cost of Attendance.

Scholarships

Scholarships are a form of gift aid—money that helps pay for college and does not need to be repaid. Institutions and many private organizations offer scholarship opportunities. Each scholarship has its own eligibility criteria and application process. Awards may be based on a combination of factors such as academic achievement, financial circumstances, area of study, community engagement, or other information provided by the donor or program. Students are encouraged to explore all available options and apply for scholarships that best match their interests and experiences.

Scholarship vs. Grant

Scholarship: Aid awarded to help pay for education. Scholarships are often based on merit, achievement, talents, interests, background, or other eligibility criteria. They generally do not need to be repaid as long as the scholarship’s requirements are met. Scholarships often have an application process, but not always. They can be offered by CU Denver, schools and colleges, and/or external organizations.

  • examples: Gilman International Scholarship, Reisher Transfer Scholarship

Grant: Financial aid that is typically awarded based primarily on financial need or a specific eligibility requirement. Grants generally do not need to be repaid, although repayment may be required in certain circumstances (for example, if a student does not meet the terms of the grant). Grants do not always require an application. 

  • examples: Colorado Student Grant, Federal Supplemental Educational Opportunity Grant

Merit vs. Need

Merit-based: Aid awarded based on a student’s achievements, abilities, or qualifications rather than primarily on financial circumstances. Examples can include academic performance, leadership, athletics, artistic talent, community involvement, or other accomplishments. Merit-based aid is still considered part of a student’s financial aid package, regardless of financial need.

Need-based: Aid awarded based on a student’s financial circumstances and demonstrated ability to pay for education. Eligibility may be determined using information about household income, assets, family circumstances, cost of attendance, and other financial-aid factors. Need-based aid is considered part of a student’s financial aid package. Students must complete a FAFSA application to be considered for need-based aid.