Guides / Financial aid
Grants, scholarships, work-study and loans
Free money first, earned money second, borrowed money last.
Your aid offer may mix several kinds of help. Some you never repay; some you earn; some you borrow and repay with interest.
The types
- Grants: usually need-based, generally don't need to be repaid (for example, the federal Pell Grant)
- Scholarships: from schools and outside groups, don't need to be repaid
- Work-study: money you earn from a part-time job, if you get one
- Loans: borrowed money you repay with interest
Read your offer
Separate free money from loans when comparing schools. Ask the financial aid office about anything unclear, and whether you can appeal if your family's situation has changed.
General educational information. Aid rules change; check StudentAid.gov. Pocket Change Hub isn't paid by any lender, card company, school or textbook seller.