Types of Aid 1. Grants are often based on financial need and generally do not have to be repaid. 2. Scholarships are often based on some kind of special achievement: academic, athletic, or service. They generally do not need to be repaid. 3. Student loans are borrowed from the government or school and must be repaid. Conversion scholarship/grants require you to provide certain services for a period of time, such as work in a low-income area. If you don’t, you must repay the money with interest. 4. Work study is part-time employment that lets you earn money while taking classes. Your job may be on or off campus. 5. Tuition waivers eliminate some costs for students who meet certain qualifications.