Financial aid is funding available for students and their families to help towards college costs. There are three primary sources of financial aid grants/scholarships, loans and work-study programs. Grant scholarships is a type of financial aid you typically do not have to pay back. It’s gift aid. It can be merit-based or need-based, based off the results of the FAFSA. Loans is the type of financial aid that you do pay back. Loans can come from the federal government or private institutions. Work-study is a program where a student can earn money through campus employment. As you can see, there are many different options for financial aid, so use your resources and file your FAFSA.