There are different types of loans that you can use to pay for college. When you fill out the FAFSA, you might be offered two different types of loans: subsidized and unsubsidized loans. Subsidized loans are always better than unsubsidized loans. Subsidized loans are loans where you don't have to pay interest while you are in school. In contract, unsubsidized loans accrue interest the moment you take out the loan. So, always go for the subsidized loan when presented with these two options. Once you graduate from college, there will also be a post-graduation grace period where you still don't have to pay interest for subsidized loans. However, after this period is over, interest will start to accrue. 

Unlike loans, grants do not have to be paid back. Think of grants as free money. Grants can vary by school. One of the most popular grants is the Pell Grant. The Pell Grant is awarded to those who fill out the FAFSA and qualify for it. There are several other federal grants, like FSEOG, that are provided by only participating schools. In New York State specifically, there is the New York State Tuition Assistance Program (TAP) that is available to fill out through the FAFSA.