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Types of financial aid
The most common types of financial aid include:
Grants: need-based funds that do not require repayment (typically provided by the state or federal government)
Loans: funds that require repayment with interest (may be provided by the state or federal government or a private entity)
Work-study: income from an on- or off-campus job
Additional options for financial aid include scholarships and educational benefits for students with special circumstances and abilities. Examples include childcare assistance, military benefits, merit aid for academic achievement, and scholarships based on factors such as race, ethnicity, special talents or life circumstances.
How to look for financial aid options
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How to apply for financial aid
Applying for financial aid typically begins with the Free Application for Federal Student Aid (FAFSA) or the Minnesota Dream Act application for undocumented and DACA youth.
Then, the student must complete a financial aid application at the chosen postsecondary education or training program.