The Federal Pell Grant
Parent Loans for Undergraduate Students - PLUS
Direct Stafford Loan
Federal Family Education Stafford Loan
Federal Work Study and Federal Perkins Loan
Federal Supplemental Educational Opportunity Grant
Remember that grants are gifts that will not have to be paid back. Loans will have to be paid back and they have fees attached.
4% of your loan amount will be deducted from the amount given to you. That 4% represents the fee the taken to cover administrative costs of making the loan.
Direct Stafford Loans are made by the U.S. government. Federal Family Education Stafford Loans are made by financial institutions.
Subsidized loans means you do not have to pay the interest or the principal until 6 months after you graduate.
Unsubsidized loans usually means you start paying the interest part of the loan as soon as the loan amount is dispersed to you. There are cases when you can let the interest be capitalized. That means your interest payment is added onto the principal until you are required to start making payments.
Source: Personal Financial Planning - Theory and Practice, 2010