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The federal government provides approximately $81 billion in student aid annually to college students and their families. Oklahoma provides approximately $72 million in free grants and scholarships to qualified students each year. Oklahoma has many resources available to help families plan for and manage the cost of earning a college degree.

Student financial aid is any financial support provided specifically for meeting the cost of attending post-secondary education. Support can include aid that is funded by federal and state programs as well as private organizations. Student financial aid can generally be divided into the following two basic categories of gift aid and self-help aid.

• Federal Pell Grant - a financial need-based federal grant program that does not have to repaid and is available to undergraduate students.

• Federal Supplemental Educational Opportunity Grant (FSEOG) - an exceptional financial need-based federal grant program that does not have to repaid and is available for undergraduate students.

• Fee Waivers (and need-based) - programs that are administered by individual institutions to waive an amount of tuition costs - this will vary by institution. Waivers do not have to be repaid.

• Institutional scholarships - scholarship programs that are administered by individual institutions. Scholarships do not have to be repaid.

• Oklahoma’s Promise (Oklahoma Higher Learning Access Program) - a program that awards scholarships to students in families earning $50,000 or less per year at the time of application and who have demonstrated a commitment to academic success in high school. Students apply while in the 8th, 9th or 10th grades in middle or high school.
  
  
• Oklahoma Tuition Aid Grant (OTAG) - a financial need-based state grant program that does not have to be repaid and is available to undergraduate students. OTAG is for Oklahoma residents who attend eligible Oklahoma institutions.
  
  
• Private Grants - grants that do not have to be repaid and are made available by private organizations.
  
  
• Private Scholarships - scholarship programs that are administered by private organizations (example: churches, employers, civic and and community clubs). Scholarships do not have to be repaid.
  

• Alternative or Private Education Loans - Loans that are offered by private lenders and there are no federal forms to complete.

• Federal Perkins Loans - Low-interest loans for both undergraduate and graduate students with financial need. These loans are offered through a school's financial aid office, and the school acts as the lender.

• Federal Stafford Loans (Subsidized and Unsubsidized) - Low-interest loans made to students attending school at least half-time. Loans are made by a lender such as a bank, credit union or other participating private lender.
  
  
• Federal PLUS Loans - Low-interest loans made to parents of dependent undergraduate students and to graduate or professional students. (Parents must be the natural or adoptive parent of their dependent.)
  
  
• Federal Work Study - A program that provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay educational expenses.