Types of Financial Aid
Grants
These are financial aid dollars that do not have to be repaid. There are federal, state and institutional grants - most of which are awarded based on financial need.
Work Study
These are jobs available to students as a way to earn money towards their educational expenses. Students do still need to apply for these jobs at their college.
Loans
These are financial aid dollars that do have to be repaid - almost always with interest.
Typically, federal student loans offer the best interest rates and a six-month grace period after students' graduation before students must begin repayment. There are also private loan options, which vary greatly so smart loan borrowing from private entities requires some "shopping" around. |
Scholarships
These are financial aid dollars that do not have to be repaid.
There are institutional scholarships offered specifically by colleges a student has been accepted to - some may be awarded automatically with your college application, or will require a separate application. There are also private (national and local) scholarships available, offered by organizations, companies, churches, employers, etc. that you can also apply for separately. Some scholarships are a one-time award, while others are renewable over multiple years while the student is in college. |