After you’ve received your college acceptance letters, usually in spring, you’ll get a financial aid award letter from each school. Depending on your financial need, your award letters will have a mix of need-based aid and non-need-based federal and state aid, and potentially aid from the college itself.



Just because you’re eligible for a certain type of aid doesn’t mean that you have to accept it. Accept all the free money and work-study opportunities before you take out any loans, as those come with a price tag. If you need to tap into loan dollars, borrow only as much as you truly need. You don’t have to borrow the maximum amount of loan money you’re eligible for.



Here’s an overview of the financial aid options available through the FAFSA:



Grants and scholarships: There are four types of federal grants, including the Pell Grant for undergraduate students with financial need. Some states have grant programs, too, such as California’s Cal Grant program and New York’s Tuition Assistance Program. Ask your state’s education agency what state grants are available to you. The federal government doesn’t offer scholarships, but colleges use the FAFSA to award money, and many private scholarship funds also require applicants to submit the FAFSA. Learn more about grants and scholarships



Student loans: There are several types of federal student loans, including both subsidized and unsubsidized direct loans, often called Stafford loans, and PLUS loans, which are for parents and graduate students. Some states have loan programs too, but borrow federal student loans first. They typically offer more generous benefits, including the ability to make payments based on your income.



Work-study: If you have a financial need, you can get a job on or near campus to cover some of your college costs through a federal work-study program. After you accept work-study funds offered in your aid package, it’s up to you to get a job that qualifies for the program and work to earn the money.