Types of Financial Aid Financial assistance to attend college
comes in many forms. State Aid Programs—Most states support
various aid programs (both need-based and merit). Generally,
eligibility for state need-based programs follows the federal
guidelines. Grants and Scholarships —Awards based on merit or
merit plus need. They don't have to be repaid. Loans—Funds
loaned through a lending institution or college. Interest rates
vary by program. For federal loans, qualifying students—based on
need—will not have to pay interest while in school. Loan
programs also are available to eligible parents to help with
college expenses of their qualifying children. Military
programs—The military offers several options to help you pay for
college. Work-study programs—Jobs that allow students to earn
money toward their education while they are enrolled in school.
Students can sometimes get jobs related to their program of
study. Working and Savings—As the cost of a college education
rises, more students and parents will need