What types of aid are available?

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The U.S. Department of Education awards about $150 billion every year to help millions of students pay for college. This federal student aid is awarded in the form of grants, low-interest loans, and work-study funds.

Grants are typically awarded on the basis of need and generally do not have to be repaid. There are four types of federal student grants:

Loans consist of money that the student borrows to help pay for college, and must be repaid (plus interest). There are two federal student loan programs:

The Federal Work-Study Program enables students to earn money during the school year while also gaining valuable work experience, typically in part-time, career-related jobs.

Other forms of financial aid that might be available to students include:

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