Financial aid is any type of outside assistance that helps you pay for school. The most common types of aid are loans, grants, and scholarships. Student loans such as subsidized, unsubsidized, and parent plus loan help pay for school now and must be repaid in the future. Grants such as PELL and FSEOG are “gift aid” from the government and do not have to be paid back. There are also many outside organizations that offer scholarships, which are also considered “gift aid.”