Types of Aid
Grants: financial aid that's typically based on need and doesn't typically have to be repaid.
Scholarships: free money that is based on academic or other achievements, or on financial need, to help pay for school.
Grants are often need-based, while scholarships are typically merit-based.
Money you borrow to pay for college or career school; you must repay your loans and the interest that accrues.
The U.S. Department of Education’s federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available:
Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.
Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study.
Here’s a quick overview of Federal Work-Study:
Provides part-time employment while the student is enrolled in school.
Available to undergraduate, graduate, and professional students with financial need.
Available to full-time or part-time students.
Administered by schools participating in the Federal Work-Study Program. Check with your school's financial aid office to find out if your school participates.