Are you in need of financial aid to fund your studies? If yes, then you should know about the different types of financial aids given by government. Many students search for scholarships before looking for some other alternatives. Let's find out the types of financial aids provided to college students.

Various organizations, colleges and universities give financial support to college and university students. Few of the aid is free money that is not required to paid back and other financial aids are offered in the form of loans to be repaid by student after study is completed.

There are four types of financial aids:

Gifted aids

You must be knowing what it is. Many students get confused between grant and fellowship. So what are the differences between grant, fellowship and scholarship, how can you qualify for them?

Scholarship and fellowship are sub categories of grant. A grant is a gifted financial aid that is not required to be paid back. In many ways, fellowship is also like scholarship where free money is given for funding the education of a student. Scholarship is award at degree and certification level, which is given on the bass of merit or academic achievement.

When you apply for gifted aid, make sure you are qualified to apply and meet the application requirements.

Student Loans

Students who don't get any grant apply for student loan for getting financial aid. Student loans are required to be paid back, but these are offered at zero interest rate by different associations and charities. Apart from zero interest loans, there are some student loans offering partial scholarship form. In this, you just have to pay back a certain percentage of the loan amount if you have excellent results in academics or merit.

Work Study

Colleges and universities offer job to students so that they can repay their education cost. Such a financial aid program enables student to work at college, earn money and support tuition fee as well as living expenses. The vacancies are limited in this, therefore you should apply early. For getting such loan, you do not have to fulfill many requirements as long as you can show that you need job to fund your education.

Waiver

Under some circumstances, schools also allow students to attend degree program without paying tuition fee and other costs. This program has some strict eligibility requirements you need to fulfill and qualify for.