There are three basic kinds of financial aid: gift aid (scholarships and grants), loans, and employment. Gift aid does not require repayment, grant terms stipulate that need be demonstrated, while scholarships and awards generally have academic or other special requirements. Loans must be repaid, usually after the student leaves college. Employment programs allow students to earn money for personal and other expenses through a part-time job.

Putting the different types of aid together to meet financial need is the responsibility of the Office of Financial Aid and is referred to as "aid packaging." Decisions are based upon financial need, qualifications, and the funds available.

After financial need has been established, the student is informed by letter of the exact nature of aid offered. The total amount of each offer is revised annually based upon the university`s aid budget and information provided by the student on the aid application filed each year.