Grants are free money awarded to students based on financial need. They do not need to be repaid. The federal or state government gives most grants, although some institutions also give grants. Learn more about grants.
Scholarships are another form of free money that does not have to be repaid. Scholarships are given for a variety of reasons from financial need, to academic or athletic potential. Some scholarships are also given to students belonging to a particular religion, students who play a specific instrument, or students with a certain heritage. Learn more about scholarships.
Loans are a form of financial aid that must be repaid. There are two types of loans. Subsidized loans are given to students with financial need; borrowers do not pay interest until they begin repaying the loan. Unsubsidized loans begin charging interest as soon as the loan is taken. Learn more about loans.
For more information, visit finaid.org.