Which type of financial aid is considered free money?

Question: Which type of financial aid is considered free money?

The type of financial aid considered "free money" is grants and scholarships. These do not need to be repaid, making them a highly desirable form of financial assistance for students. Here's a quick overview:

- Grants: Typically awarded based on financial need, such as federal Pell Grants or grants from schools and state programs.

- Scholarships: Often awarded based on merit, talent, or specific criteria, such as academic achievements, athletics, or community service.

Both types significantly reduce the financial burden of education.