Different types of financial aid are provided through various sources, such as federal and state agencies, colleges, high schools, foundations and corporations. The amount of aid a student receives depends on federal, state and institutional guidelines. Keep in mind that the way federal financial aid works is that a student must first apply for the aid by answering a series of questions used to determine his or her ability to pay for college. Once a student completes their application, aid is awarded based on that application, and the student has the choice to accept or reject the aid offered. The type of aid offered determines whether it will have to be repaid. Sometimes, a student must complete additional applications to be considered for scholarships or private aid.