What are the different types of financial aid?

Question

College is not free. What are the four types of financial aid available for students and families to help pay for higher education?

Answer 1

Here’s a quick review of the different types of financial aid!

Scholarships

1. Awarded based on certain criteria such as need and school performance
2. Scholarships can be awarded once a year or for several years
3. Students can apply for scholarships before and during college
4. Does not have to be repaid

Grants

1. Money awarded based on needs
2. Does not have to be repaid

Loans

1. There are different types of loans: private, state, government, school.
2. Money must be repaid with interest

Answer 2

The four types of financial aid are grants, work-study, loans, and scholarships. There are also additional resources that help to pay for college such as disability waivers or GI Bills (military).