What is Financial Aid?
There are 4 types of financial aid:
1. Grants are a form of financial aid that does not not have to be repaid (unless, for example, you withdraw from school and owe a refund, etc.) A variety of federal of federal grants are available, including Pell Grants, Federal Supplemental Education Opportunity Grants (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grants, and Iraq and Afghanistan Services Grants.
2. Scholarships are free money. Many nonprofit and private organizations offer scholarships to help students pay for college. They are sometimes based on academic merit, talent, or a particular area of study, can make a real difference in helping you manage your education expenses.
3. Federal Work-Study Program allows you to earn money to pay for school by working part-time.
Loans is money you borrow to attend a college or career school. You must repay the loan as well as interest that accrues. It is important to understand your repayment options so you can successfully repay your loan.