This is your Green Grosser, helping you gross green today. Now we are going to discuss federal student aid. Most federal aid is based on need. The three most common types of aid are grants, work-study, and loans. Grants are financial aid that does not have to be paid back. Work-study is a form of financial aid where students work for their respective school and earn money. Finally, loans are borrowed money that must be repaid with interest beginning at a pre-determined time in the future. Both student and parent can take out loans. Student loans are known as Federal Stafford loans, while parent loans are known as PLUS loans. These loans are paid directly to the school and do not go either to the parents or students. There are several requirements to be eligible to receive federal assistance for higher education. Some of these requirements include: being a U.S. Citizen or an eligible non-citizen, having a high school diploma or a GED (General Education Development) diploma, being a regular student enrolled in an eligible program, and meeting satisfactory academic progress. In addition federal aid can be used for educational purposes. In order to apply for financial aid you must complete the Free Application for Federal student Aid known as FAFSA from the college’s student aid program. From GreenGrosser.com, this is your Green Grosser with your tip to help you gross more green today.