Types of Financial Aid and Loans
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Money that you borrow and must be paid back with interest. Loans can be provided through federal or private means, including schools, financial institutions and other private sources. Federal loans tend to have lower interest rates and a larger array of repayment options.
Loan that does not accrue interest during enrollment for undergrad students based on financial need
Loan for undergrad, grad and professional students
Loan for grad and professional students and parents of dependent undergrads to pay for costs above and beyond financial aid
Loan that enables borrowers to combine federal student loans into one single loan
School-based loan for undergrad and grad students with extreme financial need that does not accrue interest during students’ enrollment
A gift of money that does not need to be repaid and is available from multiple sources such as schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations. Grants are typically need-based and scholarships are usually merit-based. Find types of scholarships available, how to find and apply for them and more through the Federal Student Aid site. Visit the U.S. Department of Labor’s Scholarship Finder for available scholarships.
A federal grant that does not have to be repaid and typically given to undergrad students without a bachelor’s or professional degree, up to $5,730/year
A part-time job available to students that helps to pay for education expenses, typically based on financial need and related to the student’s course of study Learn more about work-study options, earnings and more through Federal Student Aid.
Monetary support for active-duty service members pursuing higher education
Education benefits that do not have to be repaid for service members and veterans to cover tuition and fees, monthly living funds and a book stipend