529 education

I went to a seminar about college financial aid.

So far I learned that there are 3 types of financial aid:

1. Financial Grant
2. Work Study
3. Loan.

For my understanding, loan is bad since you have to pay back. Work study may be best for juniors or seniors. Financial grant is the best because you won't need to pay back. if we can't qualify that, then 529 is a very good option. 

Do I miss anything? 

Also tip for 529 investing, put money into 529 whenever there is severe sell off on the market.