Types of Aid Grants - A grant is a type of financial aid that a student usually does not have to repay. Examples: College Access Program (CAP) Grants, Pell Grants, Federal Supplemental Educational Opportunity Grant (FSEOG) Loans - A loan is a type of financial aid that the student or parent borrows. This aid usually has to be repaid. Examples: Parent Plus, Federal Direct Loans, Alternative Loans Student Employment - Student employment is a type of financial aid that provides financial aid in return for employment at the University. Scholarships - Financial aid awarded to students based on academic achievement.