Which components are included in a typical financial aid packaging?

• A. Grants, scholarships, work-study, and loans.
• B. Grants and scholarships only.
• C. The total cost of attendance.
• D. Work-study and loans only.

Answer: (B)

A typical financial aid package combines different types of aid to cover college costs: gifts that don’t have to be repaid (grants and scholarships), funds earned through a campus work-study program, and borrowed funds (loans) to fill remaining gaps. Grants and scholarships reduce the need right away, work-study provides income while studying, and loans help cover any remaining costs that gift aid and work-study don’t fully cover. The total cost of attendance is the figure used to determine how much aid might be needed, not an aid component itself. So a complete package usually includes grants, scholarships, work-study, and loans, rather than just grants and scholarships alone.