EFC (Expected Family Contribution)- This number, the amount you and your family are expected to contribute to college, will help determine your aid package.
Aid Package- The combined amount of financial assistance provided by the financial aid office of a particular college or university.
Grant- Awards that do not need to be paid back.
Loan- This one seems like a "no-brainer", but there are different types of loans, such as subsidized and un-subsidized loans. There is no easy answer here, but read the fine print. Some schools even offer 0% loans for in-state students.
Scholarships- Monies awarded by merit or merit plus need that do not need repayment.