|Scholarships: Money awarded to students based on academic or other achievements to help pay for education expenses. Scholarships generally do not have to be repaid.|
|Grants: Financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund).|
Loans: Borrowed money for college or career school; you must repay your loans, with interest.
|Work Study: A work program through which you earn money to help you pay for school.|