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$120 billion awarded to college students each year through FAFSA.

Grants

• Do not have to be repaid.
• Several types of grants are available through FAFSA.
• Some forms of grants include Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grants, and Iraq and Afghanistan Service Grants.

Scholarships

• Do not have to be repaid.
• Often awarded from corporations, nonprofits, or other private nonprofit or civic organizations.
• Can be awarded based on merit, need, talent, area of study, or organization affiliation.
• Sometimes require additional application criteria such as essays, transcripts, or recommendations.

Work-Study

• Federal work-study allows students to work on campus or off campus to pay for college.
• Work-study is available to enrolled students who have a financial need.
• Undergraduate, graduate, and professional students may qualify for full-time or part-time work-study.

Loans

• Federal student loans fall under the William D. Ford Federal Direct Loan (Direct Loan) Program.
• Four loan types:
  • Direct Subsidized Loans for undergraduate students with financial need.
  • Direct Unsubsidized Loans for undergraduate, graduate, and professional students regardless of need.
  • Direct PLUS Loans for graduate or professional students and parents of dependent undergraduate students regardless of need. A credit check is required.
  • Direct Consolidation Loans to combine all eligible federal student loans into one loan.

aces.edu/FAFSA

Portia Johnson, Extension Specialist, Assistant Professor, Auburn University; Kassandra Ross, Clinical Instructor of Marketing, University of Alabama; Emily Hines, Regional Extension Agent, Auburn University

New July 2022, Types of Financial Aid, FCS-2665