College financial aid helps students and their families by covering higher education expenses, such as tuition and fees, room and board, books and supplies, and transportation. There are several types of financial aid: Grants, Scholarships, Federal or private loans, and Work-study and other programs. Different types of aid are provided through various sources, such as federal and state agencies, colleges, high schools, foundations and corporations, to name a few. The amount of aid a student receives depend on federal, state and institutional guidelines.