There are college scholarships, or money that is awarded to individuals based on certain criteria such as academic performance, nationality, or certain economic factors. Scholarships can pay for all expenses including the cost of their food, and dorm or may only cover part of a student's school expenses such as tuition and textbooks. Typically these forms of financial aid do not have to pay paid back to the lender. Many colleges have scholarship programs to help students who may not otherwise be able to attend college.
There are also many state-funded college scholarship programs and financial aid programs that are providing financial assistance such as the Tennessee Hope Scholarship and the State of Florida Grant and Scholarship Programs; for students that are graduating from state public and private high schools and wish to pursue a secondary education.
Another financial aid option for college students is in the form of grants. Grants are one-time monetary gifts given to students who meet certain criteria specified by the giving organization or who win a competition sponsored by the donating group. These types of awards are generally only given to student of undergraduate studies. Some popular examples include the Federal Pell Grant, the Teacher Education Assistance for College and Higher Education (TEACH) Grant, Reserve Officer Training Courses (ROTC) and the Iraq and Afghanistan Service Grant.
Another widely used type financial aid option for potential college students are student loans. These come in the form of government secured loans that provide the monies needed to obtain an education but with an important difference. These monies usually must be paid back after the student has completed their education or after they discontinue their education. The interest rates on these loans are usually lower and with the government securing these loans, it provides access to funds that otherwise might be unavailable. Loan amounts generally vary based on the tuition costs of the chosen school; per-credit hour rates; how many classes that are being taken; and the amount of other aid being received as well as the student's family income situation.
Another creative way to earn money for college is through Work Study programs. These programs are when a student can earn college credit for time spent working for a company that performs services directly related to the degree being sought. Also the company involved may provide tuition assistance in addition to a salary. Some colleges also have a work study programs where a student will receive tuition assistance in return for working at a job on the campus.
Another way to earn money that may not be a popular is through joining one of the military services. All of these organization offer college scholarships, tuition assistance and other forms of financial aid the Montgomery GI Bill and the Post 9-11 GI Bill programs. These programs allow students to attend some classes while serving in on active duty as well as after the student has left the service. Some of these programs can even allow for service members families to have access to educations funds as well.