Loans are generally part of what is called student aid or financial aid. Financial aid can be divided into two main categories: federal aid and college aid.
Federal Aid programs include
grants
work-study
Stafford loans and PLUS loans
Grants: Unlike loans, grants may be based on financial need and don't need to be repaid. The US Department of Education runs a number of different grant programs which can give you up to just under $5,000 per year. Not everyone is eligible for every grant, however: each type of grant may have different eligibility requirements and conditions, so be sure to check them all to see which ones you might qualify for. You may even be eligible for more than one!
Federal Work-Study (FWS): FWS is another federal aid option that does not involve repayment These positions differ from other campus jobs only by their funding source. By filing a FAFSA (Free Application for Federal Student Aid), you also apply for FWS, which is based on your financial eligibility.
Stafford Loans: These are loans for students, with the money coming either from the federal government or a bank, credit union, or other lender that participates in the program. Students entering into first year can apply to borrow between $5,500 and $9,500. These loans do need to be repaid, but the repayment schedules may differ. To apply for these loans you need to fill out a FAFSA (Free Application for Federal Student Aid), which you can do online.
PLUS Loans: These are loans for parents who are supporting dependant undergraduate students. These funds are sent to the school and applied to your account, and will also eventually need to be repaid.
College aid involves several types of funding. On one hand, colleges administer federal campus-based aid programs. This need-based aid is made up of three federal programs that are administered directly by the colleges. Not all schools participate in all three, so check with the colleges and universities you are considering. These campus-based programs provide a limited amount of funds for each school to administer each year, so be sure to apply for federal campus-based aid early. Each school sets its own deadlines for campus-based aid which differ from the FAFSA deadlines.
On the other hand, institutional or college grants help make up the difference between college costs and what a family can be expected to contribute. Most universities and colleges have a division or department of financial aid where you can often find a cost/ financial aid calculator, lists of financial aid available and the necessary downloadable forms. Some grants come with certain obligations, so you'll want to find out about the types of grants awarded by each college you are considering: don't be shy about contacting the school's financial aid office for information.
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