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Knowledgebase Home | Favorites | Forum Welcome to our knowledge base. To find what you're after, use the search box below or choose a category to view listed articles. Search the Knowledgebase Browse by Category [Advanced Search] -- Select Category -- Credit MythbustersLoans    - Personal Loans    - Auto Loans    - Home Loans    - Student LoansCredit CardsCredit Reports and ScoresCredit Report CardIdentity TheftDebt HelpConsumer Law Guide    - College Cost Reduction and Access Act    - Credit Card Accountability Responsibility and Disclosure Act (CARD Act)     - Credit Repair Organizations Act (CROA)    - Equal Credit Opportunity Act (ECOA)    - Fair and Accurate Credit Transactions Act (FACTA)    - Fair Credit Reporting Act (FCRA)    - Fair Debt Collection Practices Act    - Overdraft Rules for Debit and ATM CardsCustomer Support The article has been updated successfully. Knowledgebase Home > Customer Support Knowledgebase Home > Loans > Student Loans What are the types of student loan programs and what is the difference between them? Article Details Last Updated 13th of April, 2010 Would you like to... Discuss Print this page Email this page Post a comment Subscribe me Add to favorites Remove Highlighting Edit this Article Quick Edit Export to PDF User Opinions (11 votes) 90% 9% How would you rate this answer? Helpful Not helpful Help us improve. Why was this unhelpful? Thank you for rating this answer. There are three main sources of financial aid for students: Loans: Must be repaid (usually in monthly installments over the course of 10-20 years) beginning when the student graduates or when the grace period ends. Grants: Gift money that does not need to be repaid. Grants are often provided by non-profit organizations and are usually tax-exempt. Students usually must give or submit a report regarding the project for which the grant money was issued. Scholarships: Awarded based on financial need or on merit, scholarships are also monetary awards that do not need to be repaid. Non-profit and for-profit institutions can provide them. Usually the student must maintain a certain level of academic performance to receive or continue receiving the scholarship money. Scholarships are not usually tax-exempt. A fourth type of aid comes in the form of work-study, part of campus-based financial aid. If a student has work-study, the student works part-time on campus to help fund college expenses. These are the main avenues students should explore when applying for financial aid: Federal Aid: The FAFSA form must be filled out annually for the student to be eligible for subsidized and unsubsidized Stafford Loans; PLUS loans; as well as need-based federal grants: Pell, Academic Competitiveness Grant, TEACH Grant, SMART Grant. State government grants and loans Campus-based financial aid: Scholarships, Federal Work-Study, and grants including the Federal Perkins Loan and the Federal Supplemental Educational Opportunity Grant (FSEOG). Most states and schools use the FAFSA to determine eligibility for other non-federal aid. Scholarships:Campus-based scholarships (often found on the college/university’s website),Local scholarships, National scholarships Private agencies, companies, foundations, and employers (either the parents’ or the student’s employer) Related Articles How can I get out of student loan debt? What are private student loans? How can I find out about college student credit cards? In regards to student loans, what rights does the College Cost Reduction and Access Act give me? I have no credit; what’s the best way to start out? Continue