Grants are need-based funds that do not have to be repaid.
Scholarships are funds that do not have to be repaid.
Work Study is a limited, need-based funding that students earn by working on campus. Students are paid an hourly wage for the number of hours they work during each pay period.
Loans are funds that you must repay. Most student loans are set up with deferred payments, meaning you do not have to begin repaying them until you have either graduated or you drop below half–time attendance or withdraw.