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- Scholarships do not have to be repaid. They are reserved for students with special qualifications, such as academic talent, interest in particular fields of study, or financial need.
- Grants are a form of financial aid that does not have to be repaid. All federal grants are awarded to students with financial need.
- Loans must be repaid, with interest. There are three major categories: student loans, parent loans, and private education loans. Federal loan programs offer lower interest rates and more flexible repayment plans than most consumer loans.
- Work Study Program is need-based and provides employment opportunities for eligible students. The FWS award depends on available funding and need.