There are four major sources of financial aid—grants, scholarships, loans, and work-study.
Scholarships and Grants are the most desirable because they do not have to be repaid. Grants require financial need. Scholarships may be need-based or merit only (no need requirement). Loans may be need-based or no-need. All loans must be repaid, but interest rates and terms vary among the various loan programs. Work-study is a form of student employment that is need-based and is awarded as part of the financial aid package.
