There are four main types of financial aid: Grants, Work-Study, Scholarships, and Loans. Grants: Which do not need to be paid back (e.g. Pell grants, CalGrants, FSEOG, etc.) Work-Study: (Awarded through Financial Aid Office) Provides payment for work a student performs while in school. Important to act quickly on or after August 1st each year because jobs go quickly. Scholarships: Cash awards which do not have to be repaid. Scholarships are granted for different reasons, including financial need, grade point average, career goals, special skills, or residency. Loans: Cash awards which must be repaid according to a determined schedule.