Financial Aid is the name used for federal, state, and private resources, for those who qualify, that may help pay for college costs. Typically, financial aid consists of grants, scholarships, loans, and student employment. Grants and scholarships usually do not have to be repaid. Federal Student Loans must be repaid after a student drops below half-time enrollment or ceases attendance. Institutional Loans (CHCP Payment Plans) begin repayment within 30 days of the start date. Student employment consists of opportunities for students to earn money to pay for educational expenses.