When looking over a financial aid package, the word "grant" should be uppermost in a prospective student's mind. Loans have to be paid back. Grants do not. Grant programs offer students with low income and good scholarship the opportunity to complete a college education without having to incur a burdensome debt load. To obtain a grant, fill out the Free Application for Federal Student Aid as early in January as possible. The form for the next school year comes out January 1, so be first in line.