Grants and scholarships are outright gifts of money. Most of the time, they are based upon need. Sometimes, though, they are awarded for academic excellence and promise, or for special achievements or abilities. Loans are a significant part of most aid packages. They must be repaid, but most often not until after you graduate.
Interest rates are usually lower than other types of loans.
The payback period on college loans varies from two or three years up to 30 years. For instance, you might work in the library, or as a resident advisor, lifeguard or food-service worker. Funding for financial aid comes from the federal government, state government, private sources and the colleges and universities themselves. You can pick these forms up at your high school guidance office. Make sure you don't miss important deadlines, as the dates may vary.