Types of financial aid
The most common types of financial aid include:
Grants: Grants are like gifts and do not have to be paid back. They are considered need-based aid and are usually awarded to students with the fewest financial resources. Grants typically come from federal or state governments and are sent directly to the school.
Scholarships: Scholarships are awarded based on a student's academic or athletic achievement, cultural or religious background or special skills and talents. Scholarships are most often given to students by the institution they attend but many other organizations also offer scholarships.
Loans: Loans are funds that must be paid back with interest. They may be provided by the state or federal government or a private entity.
Work-study: Work-study programs are on- or off-campus jobs offered though a college's financial aid office.
Additional financial aid options and resources for paying for college include military education benefits, tuition reciprocity, student loan repayment programs, education tax benefits and more.
[Edited by LN to more closely match info on MN Office of Higher Education]