Types of Financial Aid
Gift Aid
Gift aid is what most people think of when they think about financial aid. Gift aid is exactly what it says: a free gift that you neither have to earn through work, nor do you ever have to pay it back. Gift aid is generally broken down into the two main categories of scholarships and grants.
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Scholarships
A scholarship is gift aid awarded for a particular reason, usually a student's academic profile, a student's unique ability, or a student's affiliation. This is the easiest form of financial aid to understand. In a nutshell, a student is awarded a scholarship because he or she is deserving. Scholarships are awarded by the University, certainly, but there are also many scholarships that are awarded by outside organizations. In each case, there may be unique application procedures and/or deadlines to keep in mind when trying to qualify for scholarships.
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Grants
A grant is gift aid that is typically awarded based on need. There are many sources that grants, including the federal and state governments as well as colleges, Universities and private foundations.
Self Help
Self help is financial aid that a student earns while they are going to a university or repays once they leave the university.
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Work
Work aid is also know by the common name "work study." Essentially, it is the opportunity to work on campus in order to earn money to help pay your college costs.
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Loans
Loan aid is money borrowed to help pay college costs. It is usually borrowed at low interest and repayed over a long period of time. The Federal Government offers loans for both parents and students Learn more about loans.
Other Sources of Financial Aid
Congregational Partners in Education (CPE)
Full-time students enrolled in the traditional undergraduate program who receive an award from their church congregation may have that gift matched by CLU up to a maximum of $2,500. Regardless of denominational background, any church using congregational funds to support a student at CLU may have their donation matched by CLU. For deadlines and more information, please visit the Office of University Ministries.
Hope Scholarship Tax Credit
The Hope Scholarship Tax Credit provides up to a $1,500 tax credit for each of the first two years of college. After the first two years of college, a Lifetime Learning tax credit of up to $1,000 will be available per household. Visit this helpful Web site sponsored by the U.S. Department of Education for an explanation of Hope. Also, the IRS has a downloadable form that answers frequently asked questions.
Lifetime Learning Credit
The Lifetime Learning Credit provides a maximum tax credit for qualifying educational expenses of up to $2,000. Visit this helpful web site sponsored by the U.S. Department of Education for an explanation of the Lifetime Learning Credit. Also, the IRS has a downloadable form that answers frequently asked questions.
ELCA Pastor's Family Award
The ELCA Pastor's Family Award is available to unmarried children of rostered ELCA Lutheran clergy. Students receiving this award must be under the age of 23 and enrolled full time at CLU. The award of $1,000 per year is in addition to all other need-based and merit-based awards.
Ventura County Community Foundation Scholarships
Most VCCF scholarships require you to be a resident of Ventura County. Scholarships range from $500 to $2,500. Application deadline is March 1. This is not a CLU sponsored scholarship, so application must be made directly to the Ventura County Community Foundation.
The Hispanic Scholarship Fund (HSF)
HSF offers different scholarship programs for students of various educational backgrounds. All applicants must be U.S. citizens or legal permanent residents of Hispanic heritage. This is not a CLU sponsored scholarship, so application must be made directly to the Hispanic Scholarship Fund.
