Monday, May. 20, 2013
What are the different types of federal student aid?
There are three types of federal student aid: grants, work-study and loans.
- Grants are a type of financial aid that does not have to be repaid. There are five types of federal student aid grants.
- Work-Study provides part-time employment while you are enrolled in school so that you can help pay your educational expenses. Work-study awards are administered by schools participating in the FWS Program, and the jobs can be either on campus or off campus, allowing you to work for your school or at some type of private nonprofit organization or a public agency.
- Loans allow you to borrow money for your education. You must repay your loans, with interest.