Financial Aid is any grant or scholarship,
loan, or paid employment offered to help a student meet his/her
college expenses. Such aid is usually provided by various sources
such as federal and state agencies, colleges, high schools,
foundations, and corporations. The amount of financial
aid that a student receives is determined through federal,
state and institutional guidelines.
What are the Types of Financial Aid?
There are 4 types of financial aid:
- Grants are typically awarded on the basis of
need and generally do not have to be repaid. There are federal and
state grants available for those who qualify.
- The Federal Work-Study
Program enables students to earn money during the school year
while also gaining valuable work experience, typically in
part-time, career-related jobs.
- Loans consist of money that the
student borrows to help pay for college, and must be repaid (plus
- Scholarships are free money that are
awarded based on various criteria.
Types of Federal Student Aid