When you first go into college, the deliberation between free college grants, student loans and academic scholarships is probably going to arise. There are so many financial aid opportunities out there nowadays that it’s often difficult to cycle through all of them. Which one is better or worse may be a matter of personal opinion, but a quick comparison could let you see where you might get the best money for your education. Here we’ll explore the different forms of financial aid available so that you can determine what will work best for you.

Free college grants are great forms of financial aid because they never have to be paid back. Scholarships are the same in this regard. However, scholarships are typically accompanied by rigorous requirements that you have to meet, and some students simply do not have the means to do so. Grants are designed to level the playing field a bit and allow just about anyone to get money to pay for college. They can be offered to specific people just like scholarships can be, but they are normally a bit easier to obtain.

The fact that free college grants are easier to obtain than scholarships may not always be a good thing. Although this does provide opportunities to more students, it also leads to more competition. If there is an organization with limited funding, it may be hard to snag a spot for the grant. Furthermore, college scholarships may come available in higher amounts than grants just based on the organizations that fund them. A student may be able to receive a Pell grant of $5,000, but under certain guidelines he may see a $20,000 scholarship. Thus if you meet the specifics of a scholarship, it may be in your best interest to apply for it as it may lead to more money in the end.

Student loans can be another option on top of free college grants and scholarships. The problem is that loans obviously have to be paid back. This means that students have to worry about how they are going to pay for college once they get out. That said, in times of utter need, loans are always available to step in and take over the leftover costs. Students can get loan money up to a capped amount set by a school, but they have to remember to pay the interest for it during their degree pursuits. What works best for you is entirely based on your needs, but a quick assessment of your free options should be your first route of choice when paying for an education.