Types of Financial Aid?

There are many types of financial aid, but the most prominent are: grants, loans, and scholarships. Grants are monetary awards that do not have to be paid back usually available through the federal government or local state governments. Loans may or may not have to be paid back, but they tend to be available in larger increments. Scholarships do not have to paid back, but they are usually contingent upon holding a certain grade point average.