There are basically four types of student financial aid. These include scholarships, grants, work study, and loans.

Scholarships and grants can be viewed as "gifts", which are not required to be repaid. Scholarships are usually awarded based upon academic merit, whereas grants tend to be awarded based upon financial need. Federal or state-sponsored student loans are based on certain eligibility requirements and must be repaid. Work-study programs provide jobs for students with demonstrated financial need to help defray the costs of college expenses.

Listed below are various federal financial aid programs: (more information can be obtained by contacting the U.S. Department of Education or the financial aid office at the school you plan to attend.)

• Federal Pell Grant: Assists undergraduate students who demonstrate financial need.
• Federal Supplemental Education Opportunity Grant: Assists undergraduate students who demonstrate financial need.
• Academic Competitiveness Grant and National Science and Mathematics Access to Retain Talent (SMART) Grant: Grant programs for full-time students who are U.S. Citizens and eligible for Federal Pell Grants.
• Federal Work-Study: Provides employment opportunities for undergraduate students who demonstrate financial need.
• Federal Perkins Loan Program: Provides long-term, low-interest loans to financially needy students.
• Federal Family Education Loan Programs: Includes long-term loans (Stafford Loans (subsidized and unsubsidized), PLUS Loans, and Consolidation Loans).
• Federal Direct Student Loan Programs: Includes long-term loans (Stafford Loans (subsidized and unsubsidized), PLUS Loans, and Consolidation Loans).

For information about how to apply for state scholarships of up to $12,000 (Arkansas Academic Challenge Scholarship) and other state programs please contact the Arkansas Department of Higher Education or call 1.800.54.STUDY (501.371.2050 locally).