Financial aid is money to help students pay for college costs including tuition, fees, room and board, books, and other expenses. Aid comes from federal and state governments, colleges, and private organizations. Aid may be need-based (determined by financial circumstances) or merit-based (determined by achievements).
Types of Financial Aid
Grants and scholarships are "free money" that does not require repayment. Loans must be repaid with interest. Work-study provides part-time employment to help cover costs. Most students receive a combination of aid types.
Applying for Aid
Students apply for federal and most state aid by completing the FAFSA (Free Application for Federal Student Aid). Some schools also require the CSS Profile. Meeting deadlines is crucial—aid is often first-come, first-served.