Most federal student aid is need-based, taking into account an expected family contribution (EFC). Need-based financial aid comes in three basic types:
- Grants and scholarships, which are considered gift aid and generally don’t have to be paid back (sometimes a repayment is required if a student withdraws);
- Work-study, which is money that you earn by working part-time while in school;
- Loans, which are funds that you (or your parent) borrow and must be paid back, usually after you leave school.
You can access detailed information regarding federal student aid opportunities at this Federal Studend Aid Information Site.