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Types of Aid
Financial Aid is defined as any type of assistance used to pay for college based on financial need. There are three forms of aid. They include:
Grants & Scholarships
These types of financial aid, also called gift aid, do not have to be repaid.
Loans
This type of aid has to be repaid. Most need-based loans are low interest loans sponsored by the federal government. Generally, no interest accrues until repayment begins after graduation. There also are banks and lending institutions that provide low-interest loans for college.
Work-Study
Allows student to work at the university to earn money for books, supplies and personal expenses.
