Grants are awarded based on need and, like scholarships, they don't have to be repaid. Federal Supplemental Educational Opportunity Grants are a supplement to Pell Grants. Work study is a federal program offering part-time jobs both on and off campus. The amount that can be earned is based on several factors, including need, other aid received and availability of school funds. Work study funds don't have to be repaid because work is traded for hourly wages.
Education loans are funds borrowed from a financial institution or federal or state government.
Education loans must be repaid. It is available to both undergraduate and graduate students and based on need and the availability of government funds. They are available through financial institutions such as U.S. Bank who participate in the FFEL program or through the Federal government in the Direct Loan program. They are not based on need. In order to receive financial aid, a student must apply each year he or she is in college.