Work study pay depends on the job, but its supposed to max out at $12. You can make more, but the govt only allows the school to give you $12/ hr max from work study funds. Usually the jobs are around $8-$12/hr.
Hours are usually flexible - I set my own hours based around my clsas schedule
There are a lot of different work-study jobs, like swiping cards at the gym, developing websites, etc. Basically any department can create a job and say they want a work study student for it.
I started out doing basic tech support and then eventually migrated to doing database and web development. Other students in my office do admin stuff and planning for events.
Its a pretty good job since it pays well and is so convenient. Plus flexible hours are good in case I need extra time to study.