“Financial aid” is actually a catch-all term. There’s multiple types of financial aid—scholarships, grants, loans, work study—as well as multiple sources, from federal aid all the way down to employer-granted aid.
Here’s how you can figure out which type and source might be the best fit for your educational goals.
Grants: Federal grants are a type of aid that do not necessitate repayment. The government offers an array of grants: merit based, need based—even those designed to promote public service and stimulate the economy. For example, TEACH Grants are awarded to students who agree to teach in a low-income community. Something to check out if you’ve always wanted to be a teacher!
Work study: Work study is a type of aid that requires that you are employed in exchange for financial assistance. You can find a work-study positions through your school. Your paycheck each week will be funded by the government rather than the school itself.
Like federal aid, state aid can come in different types—grants, loans, or scholarships. However, many state schools offer additional aid to residents of that state. This may be something to consider when you’re compiling your list of dream schools.
Scholarships, like grants, are a type of aid that don’t require repayment. Free money! Scholarships are awarded based on need, merit, extracurricular achievement—and more. For example, student athletes can often receive scholarships for their talents on the playing field. If you’re affiliated with any sort of club, organization, or extracurricular, check to see if they offer a scholarship. See my advice for apply for scholarships here.
Financial Aid
2025-26 Financial Aid and FAFSA State Deadlines
The 2025-26 FAFSA is now open! Note your state's financial aid deadline and file your FAFSA soon.
Popular
Latest
Join Fastweb.
Match Instantly.
Become a member and gain exclusive access to our database of over 1.5 million scholarships.