What is Financial Aid?
Financial aid is money received from state and federal governments, private sources, and nonprofit organizations that is awarded to students to assist them in paying for post-secondary tuition and other educational expenses.
There are two types of financial aid: gift and self-help aid. Gift aid includes grants and scholarships. Self-help aid includes employment and loans.
Gift aid does not require the student to pay the money back after college graduation. Loans will need to be repaid. Both types of aid may be made available through scholarships, state aid, federal aid, or institutional aid.