Grants
Funds awarded to students based on their financial need. It is also called "gift aid". These awards generally do not need to be repaid.
Scholarships
Funds awarded to students based on either financial need, declared major, interests, grades, background and many other factors.
Loans
Money borrowed from the federal government that MUST be repaid once the student ceases to attend school or drops below half-time (6 credit hours) enrollment.
Student Employment
This is federal or state funding for on-campus and off-campus part-time employment for students enrolled at least half-time (6 credit hours).