# Financial Aid — Definition & Explanation

> From the SchoolBrowse Education Glossary.
> HTML version: https://schoolbrowse.com/glossary/financial-aid

**In short:** Money to help pay for college, including grants, scholarships, loans, and work-study programs based on need or merit.
**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.

## Frequently asked questions

**Q: What is financial aid?**

Financial aid is money to help pay for college, including grants, scholarships, loans, and work-study, based on financial need or academic/other merit.
**Q: How do you apply for financial aid?**

Complete the FAFSA (Free Application for Federal Student Aid) at fafsa.gov. Some schools also require the CSS Profile. Meet all deadlines.

---
Source: SchoolBrowse Education Glossary (https://schoolbrowse.com/glossary). Please attribute and link to https://schoolbrowse.com/glossary/financial-aid when citing this definition.