There are 3 types of financial aid that colleges offer to its students. They are grants, loans and work-study program. The definitions of the different types of financial aid offered are listed below:

• Grants- Grants do not have to be repaid. The federal government provides grant funds for students attending colleges, including career colleges and universities. 
• Federal Work-Study - Federal Work-Study is self-help aid and is awarded to students with financial need. Students can work part-time to earn this award money. The money earned can be used to help the student with their personal cost. Work-study jobs can be found on or off campus through the school’s Financial Aid Office.
• Loans- Federal loans are borrowed funds that must repaid with interest. A federal student loan allows students and their parents to borrow money to help pay for college through loan programs supported by the federal government. They have low interest rates and offer flexible repayment terms, benefits, and options.