Types of Financial Aid
More than $168 billion in financial aid is available to students and their families. In fact, most families of college students receive some kind of financial aid for college.
- Grants: You don't have to pay these back, and tour child doesn't have to work to earn them. They are based on financial need and come from federal and state governments.
- Scholarships: These also don't have to be paid back. They are based on academic merit, field of study, ethnicity, athletic abilities, as well as financial need.
- Loans: These loans must be repaid, but because they are sponsored by the federal government and are based on financial need, they are low-interest loans, and no interest accrues until your child begins repayment after graduation.
- Work-Study: A federal program that gives students part-time employment, up to 20 hours per week, at a job on campus or in the community.