There are many ways to pay for college, including government financial aid. Watch this video to learn more about FAFSA, scholarships, grants and more.

There are four different types of financial aid available through the federal government, including: grants, scholarships, federal student loans, and work-study.

Grants and scholarships
Both types of financial aid do not require repayment and are sometimes referred to as "donation aid." These scholarships or grants can be provided directly by the school, by the state, or by the federal government. Typically, students must remain eligible for grants or scholarships to receive and maintain those funds.

Work study
This is another option that may be offered to students as part of their federal financial aid package. These are on-campus jobs that pay at least the federal minimum wage, but possibly more depending on the job. Depending on which school you attend, you may be matched with a job or have to find one on your own.

Federal student loans
Another type of aid available from the federal government, federal student loans, must be repaid after school ends or when a student falls below the halfway point of enrollment. Federal student loans are either subsidized (interest does not accrue during school) or unsubsidized (interest begins to accrue once school starts). Federal student loans generally have lower interest rates than private student loans, and usually don't require things like cosigners.

For more information, visit: https://www.sofi.com/fafsa-guide/

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