* Grants: These are essentially free money that doesn't need to be repaid. The most well-known is the Pell Grant, awarded based on financial need. Other grants exist, often specific to particular programs, institutions, or demographics.
* Loans: These require repayment, often with interest, after graduation or leaving school. The Department of Education manages several federal student loan programs, including:
* Direct Subsidized Loans: Interest doesn't accrue while you're in school (under certain conditions).
* Direct Unsubsidized Loans: Interest accrues while you're in school.
* Direct PLUS Loans: Loans for parents of dependent students or graduate students.
* Direct Consolidation Loans: Combining multiple federal student loans into one.
* Work-Study: This program provides part-time jobs for students with financial need, allowing them to earn money to help pay for college expenses. It's not money *given* but rather an opportunity to *earn* money.
The specific eligibility requirements, amounts, and repayment terms vary for each program. To determine what kind of aid you're eligible for, you should:
* Complete the Free Application for Federal Student Aid (FAFSA): This is the primary application for most federal student aid.
* Contact the financial aid office at the college or university you plan to attend: They can provide personalized information about your eligibility for specific programs and the available aid options at their institution.
It's important to understand that the Department of Education *manages* these programs, but the actual disbursement and administration often happens through the individual colleges and universities.