There are four types of financial aid:

1.   Grants - Awards that are usually based upon financial need and do not need to be paid back.

2.  Scholarships - Awards that are usually based upon merit or achievement and do not need to be paid back.

3.  Loans - Awards that need to be repaid with interest.

4.  Work-Study - Award that must be earned.

These four types of financial aid have different funding sources. They are:

1.  Federal Grants

2.  Federal Work-Study

3.  Federal Loans

4.  State Grants

5.  Institutional Grants

6.  Institutional Scholarships

7.  Private Loans