Financial Aid: The Different Types
There are many different types of financial aid available to students. Some of the most common types of financial aid include:
- Grants: Grants are free money that does not have to be repaid. Grants are typically awarded to students who demonstrate financial need.
- Scholarships: Scholarships are also free money that does not have to be repaid. Scholarships are typically awarded to students who have achieved academic excellence or other accomplishments.
- Loans: Loans are money that students borrow to pay for college. Loans must be repaid, with interest, after the student graduates.
- Work-study programs: Work-study programs allow students to work part-time on campus to earn money to help pay for college.
There are also many other types of financial aid available, such as:
- Pell Grants: Pell Grants are federal grants that are awarded to students who demonstrate financial need.
- Supplemental Educational Opportunity Grants (SEOGs): SEOGs are federal grants that are awarded to students who demonstrate financial need and who are enrolled in undergraduate programs.
- Federal Work-Study Program (FWS): The FWS program allows students to work part-time on campus to earn money to help pay for college.
- Federal Perkins Loan: The Federal Perkins Loan is a low-interest loan that is available to students who demonstrate financial need.
- Federal Stafford Loan: The Federal Stafford Loan is a low-interest loan that is available to students of all income levels.
- Federal PLUS Loan: The Federal PLUS Loan is a loan that is available to parents of undergraduate students to help pay for the cost of college.
