Types of Financial Aid | College of Biblical Studies

Types of Financial Aid

Types of financial aid refers to the different types and sources of financial assistance you can obtain to assist you in paying for school. The different types of available aid includes: federal loans, federal grants, work-study opportunities, state aid, and scholarships from different sources, such as the federal government, state governments, banks, colleges, employers, or private scholarship providers. Here is an overview of the different types of financial aid utilized at the College of Biblical Studies:

Federal Financial Aid

  • Federal Loans: Student loans offered through government funding through the Department of Education. Federal student loans typically offer low interest rates and generous repayment terms.
  • Federal Grants: Federal grants offered through government funding through the Department of Education includesFederal Pell Grant and Federal Supplemental Education Opportunity Grant (FSEOG). 

State Financial Aid (Indiana Residents Only)

The Frank O’Bannon Grant, which includes the Higher Education Award and the Freedom of Choice Award, is Indiana’s primary need-based financial aid program. It is designed to provide access for Hoosier students to attend eligible public, private and proprietary colleges and universities. Eligibility is based on a student’s FAFSA, and the grant may be used toward tuition and regularly assessed fees.

Institutional Financial Aid:

Institutional aid scholarships are awarded based on enrollment hours and on the level of enrollment, financial need, and by the order in which they are received.

 The following are the steps to apply for CBS scholarships:

1. Complete the Free Application for Federal Student Aid (FAFSA). (Optional)
2. Complete the CBS Financial Aid Application process (MyFA). (Optional)
3. Submit a completed scholarship application here.


Institutional Aid- Mays Scholarship

Students must submit a completed application by the published deadlines to the Office of Financial Aid and meet the eligibility requirements for each scholarship. Incomplete applications will not be considered. All scholarships are awarded based on financial need and by the order in which they are received. See the individual scholarships for application and eligibility requirements:

Non-CBS Scholarships 

Students can apply for the following scholarships:

Return of Institutional Aid and Scholarships: Institutional aid (i.e. Mays scholarships) are awarded based on financial need. If any student withdraws from the College or reduces the number of hours during the course of the term, his/her awards will be adjusted accordingly, and as a result, he/she may owe the institution. CBS does not refund institutional aid or May scholarships to students.

There are many scholarships available that could assist in meeting your financial need. Here are some useful links: http://www.schoolsoup.com/scholarship-directory.

For more information, contact the Office of Financial Services as follows:

 Financial Aid   |   Scholarships