# Types of Financial Aid ##### Scholarships A scholarship is an award of financial aid that is awarded on various criteria, including but not limited to academic achievement and/or financial need. Scholarship money does not have to be paid back. ##### Grants Grants do not have to be paid back and are awarded to students based on financial need and availability of funding. ##### Work Study The work-study program provides part-time employment to undergraduates and graduates to allow them to earn money to help pay for college expenses. Work-study is based upon financial need and availability of funding. ##### Loans Loans are borrowed money for college expenses that must be paid back, oftentimes, after graduation.