If the college is moderately well off, it may fund all the aid in a mix of a grant and a loan, and you have to pay back the loan.

FORBES: Paying for College: How the Financial Aid Formulas Work

We do not respond well to gratuitous bank bashing either, because, frankly, we would like our bank to be less afraid of onerous regulation, so it might grant us a reasonably priced loan.

FORBES: Is Obama About to Demagogue the U.S. Into Default?

Then it subtracts any aid, such as a Pell Grant, scholarship or loan, the family expects the student to receive.

WSJ: College Planning: A Crash Course on Paying the Bill