the student. For undergraduate students there is the parent loan for undergraduate students or PLUS Loan. This loan allows parents to borrow up to the total cost of attendance, minus any other financial aid the student receives. Eligibility will be determined upon review of the parent's credit history. Private loans Private student loans are offered by private lenders (financial institutions). These loans typically have much higher interest rates, have fewer repayment/deferment options, cannot be discharged through bankruptcy, and are not supervised by any agency. Consolidation loans Consolidation loans combine two or more student and/or parent loans into one loan. They are an option for those who find themselves struggling with multiple student loan payments. Consolidation loans are available for most federal loan types, and some private lenders offer private consolidation loans for private education loans. Work-study The Federal Work-Study Program is a form of financial aid. Work-study jobs allow students to get campus jobs, when possible within their field of interest, and are more flexible than off-campus part-time jobs because they are designed to accommodate student schedules. In 2022, Williams College became the first institution of higher education in the United States to completely eliminate work-study (along with loans) from their financial aid programs by offering an "all grant" financial aid package. Scholarships While the terms grant and scholarship are frequently used interchangeably, there is a difference. Scholarships may have a financial need component but rely on other criteria as well. Some private need-based awards are confusingly called scholarships, and require the results of a FAFSA (the family's EFC). However, scholarships are often merit-based, while grants tend to be need-based. Scholarships, similar to grants, do not need to be repaid. Scholarships come from state, educational institutions, and private agencies. Scholarships can be awarded based on merit, financial need, student characteristics (such as gender, race, religion, family and medical history, and the like), creativity, career field, college, athletic ability, among other categories. There are search engines available to find scholarships such as Peterson's, Unigo, Fastweb, Cappex, Chegg, The College Board, and Niche (formerly known as College Prowler). Financial aid application process The student's financial "need" In the college financial aid process in the United States, a student's "need" is a figure which colleges use when calculating how much financial aid to offer a student. It is determined by taking the college's Cost of Attendance, which current rules require each college to