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Home  /  About MHS  /  Counseling Information  /  Explaining Financial Aid

Explaining Financial Aid

Grants and Scholarships

These are forms of financial aid that do not have to be repaid by the student. Examples of these types of financial aid include:

  • State and Federal Grants and Scholarships
  • Private/Corporate Grants and Scholarships
  • Institutional Grants and Scholarships


This type of financial aid must be repaid. Examples of these types of financial aid include:

  • Federal Perkin Loans
  • Federal Direct Subsidized Loans
  • Unsubsidized Federal and State Loans
  • Private Loans

Loan Forgiveness Programs and Loan Repayment Programs

These are financial aid programs for individuals who agree to perform certain work or services after completing college. Many of these programs require a minimum number of payments and a commitment to working in public service fields in areas of high need. Depending on the program they may help to pay a portion of your student loan or completely forgive the amount of the loan remaining after the term of service is complete.

Texas Tomorrow Funds

This is a state prepaid tuition plan and 529 college savings plan. The prepaid tuition plan allows individuals to for tomorrow’s college tuition costs at Texas public colleges and universities at today’s prices. A 529 college savings plan is an investment account that offers tax-free growth and tax-free withdrawals on earnings used for qualified higher education expenses.

Tax Credits and Other Programs

There are a number of federal income tax credits and deductions and other programs for college students.


These are waivers of tuition and/or fees for certain students who aren’t Texas residents.

Work-Study Programs

These are jobs (usually on campus) that are offered by the college to help students pay for tuition or other college costs; work-study jobs are awarded based on financial need.

Learn more about financial aide using the following: