Financial aid refers to the various forms of financial assistance available to help individuals pay for educational expenses such as tuition, fees, books, and room and board. This can include scholarships, grants, loans, and work-study programs.
The following are some common types of financial aid:
- Scholarships – awards based on merit, such as academic achievement, athletic or artistic talent, or community service.
- Grants – financial aid that does not have to be repaid, often based on financial need.
- Loans – money that must be repaid with interest, often from government or private sources.
- Work-Study – a program that allows students to work part-time to earn money to help pay for education expenses.
Financial aid is typically awarded based on a combination of factors, including financial need, academic merit, and other eligibility criteria. To be considered for financial aid, Fee Management, students must complete the Free Application for Federal Student Aid (FAFSA) each year.
It is important to understand the terms and conditions of any financial aid received and to plan for repaying any loans. Consulting with a financial advisor or student aid office can help individuals make informed decisions about the types and sources of financial aid best suited to their needs and goals.