Which type of financial aid often involves students earning an hourly wage to fund their education?

A work-study program is a type of financial aid that allows students to earn an hourly wage while attending school. This program is specifically designed to provide students with part-time employment opportunities, which can help them offset their educational expenses by earning money to cover tuition, fees, or living costs.

The hallmark of a work-study program is that it combines the benefits of employment with academic commitments, making it a practical option for many students. These positions can be on-campus or with approved off-campus employers, and they are typically flexible to accommodate students' class schedules.

In contrast, scholarships are funds awarded based on merit (academic or extracurricular achievements) or need that do not require repayment or work in exchange. Grants are similar to scholarships but are often need-based and do not need to be repaid. Loans are borrowed funds that students must pay back with interest, typically after graduation, and do not involve earning a wage during schooling. Understanding the distinct characteristics of various financial aid types is essential for students as they navigate their funding options for education.