Types of Financial Assistance
- There are three types of financial assistance that may be offered for payment of your educational expenses: scholarships/grants, loans, and labor earnings.
- Scholarships and grants are gift assistance based on financial need and do not have to be repaid.
- Loans have various repayment agreements and must be repaid according to the terms listed on the promissory note.
- Labor earnings are payments students receive for hours worked in the Berea College Labor Program during the academic year. These earnings are considered scholarships/grants, not taxable wages. The College expects funds from academic year labor earnings and summer savings to be used to assist with the payment of expenses due at the beginning of the term and for other educational expenses incurred during the year. These self-help payments are a valuable resource to limit loan debt.