Financial aid is support that helps students pay for school or college. It can include scholarships, grants, loans, work-study programs, tuition assistance, fee waivers, or emergency aid.
Types of financial aid
Some financial aid is gift aid, meaning it usually does not need to be repaid. Examples include many scholarships and grants. Other aid, such as loans, must be repaid under the stated terms.
Why financial aid matters
Education can involve tuition, books, housing, transportation, technology, and other costs. Financial aid can make study possible for students who could not pay everything out of pocket.
The important detail is to understand what kind of aid it is, whether it must be repaid, and what conditions must be met to keep it.