Financial aid is any private, institutional, state, or federal fund(s) that are used to assist in funding student education. A financial aid package can consist of any combination of the types of aid. Scholarships and grants are funds that are not required to be paid back. Loan funds require repayment when a student becomes enrolled in less than half time or six months after graduation. Work study is a part time employment with any employer who participates in the Federal Work Study program.