There are four types of financial aid available to students in the United States. Students can apply for “gift” aid, a form of financial aid that does not have to repaid, or they can apply for different types of borrowed money. Both “gift” and borrowed aid are available from federal and private lenders. Let this presentation be a fast guide to understanding which type is best for you. The most popular source of student financial aid is the federal government. However, private sources may offer more availability and help supplement funds for expenses not covered by federal aid.