1. grants and scholarships (gift aid), which do not require repayment and entail no work obligation
2. loans, with varying interest rates and payment schedules
3. work-study, which is earned for part-time employment on or off campus.

Assistance is provided through federal, state, and college programs; external agencies and Bard administer these programs. Typically, financial aid funds administered by the College are awarded on the basis of financial need (as determined by the federal government, the College Scholarship Service, and Bard College), academic achievement, and promise. On the basis of academic achievement and promise, a student may be selected to receive an Excellence and Equal Cost Scholarship, a Distinguished Scientist Scholarship, or a Levy Economics Scholarship.

Financial need is the difference between the cost of education and the family’s assessed ability to pay. The basic philosophy behind need-based financial aid is that the student and his or her family must assume the primary responsibility for paying for the student’s education. The parents’ obligation to pay for their child’s education (even in the case of divorce or separation) takes precedence over the obligation of the College to provide financial assistance. The College does not have the resources to make up for the parent contribution of students who voluntarily declare themselves financially independent or whose parents refuse to pay for their education. Students are expected to work during the summer and contribute to college from their savings. To a lesser extent, the student is also expected to work during the school year to pay for their education. No student should expect financial aid resources solely to fund his or her education.

In addition to the determination of the student’s need, other major factors involved in the awarding of financial aid are (1) available funds and (2) the number of students requesting funds.

Awards at Bard College are made without regard to sex, sexual orientation, race, color, age, religion, national origin, or handicapping conditions.

Admission to Bard College is based on the applicant's accomplishments and promise, not on his or her ability to pay. The Admission Committee evaluates applicants without regard to financial need.