Student Financial aid (sometimes known as student financial support or student aid) is a type of financial assistance offered to students who are pursuing higher education. Scholarships, grants, student loans, and work study programmes are all examples of financial aid for students.
Financial aid for college helps students and their families pay for higher education costs such as tuition, fees, room and board, books and other course materials, and transportation.
“Fellowships,” “grants,” “travel grants,” “studentships,” “loans,” “tuition fee waivers,” “study allowances,” and other types of financial help exist, but the “scholarship” remains the most popular.
Any college money that does not come from family, personal savings, or work is referred to as financial help. Grants, scholarships, work-study programmes, and federal or private loans are all options. Most higher education expenses, such as tuition and fees, lodging and board, books and supplies, and transportation, can be covered with financial help.
Aid can come from a number of different places. Federal and state agencies, colleges, high schools, community organisations, foundations, companies, and others may fall under this category. The amount of financial aid you receive will be determined by the rules established by numerous sources, as well as federal, state, and institution policies.
Need-based and non-need or merit-based financial aid are the two basic types of financial help. Simply defined, need-based aid is provided based on an assessment of your financial ability to pay for education by the awarding institution. Merit-based aid is given to students who have shown a remarkable talent or ability in academics, athletics, music, or other fields.
Whether you received financial help on the basis of need or merit (or both) has no bearing on whether you must repay it. This is decided on the type of assistance you receive. The majority of scholarships and grants, for example, do not need repayment. The majority of loans do.