Financial aid is money to help pay for college or career school.

Grants, work-study, loans, and scholarships help make college or career school affordable.

Grants

A grant is a form of financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund, or you receive a TEACH Grant and don’t complete your service obligation). 

A variety of federal grants are available, including Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG),

Scholarships 

Many nonprofit and private organizations offer scholarships to help students pay for college or career school. 

This type of free money, which is sometimes based on academic merit, talent, or a particular area of study, can make a real difference in helping you manage your education expenses.

Work-Study Jobs 

The Federal Work-Study Program allows you to earn money to pay for school by working part-time. You’ll earn at least the current federal minimum wage. 

However, you may earn more depending on your work and the skills required for the position. Your total work-study award depends on when you apply, your financial need, and your school’s funding level.

Loans 

A loan is money you borrow and must pay back with interest. If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. 

When you receive a student loan, you borrow money to attend a college or career school. You must repay the loan as well as the interest that accrues. Therefore, it is important to understand your repayment options so you can successfully repay your loan.