Each student must fill out such an application for every year he or she is in college. Scholarships and Grants Financial aid awards given usually for academic accomplishment, athletic, musical, demonstrated financial need, or other special skills. Most scholarships and grants are awards and do not need to be paid back. T he purpose of college financial aid is to help every qualified student pay the growing cost of a higher education. At one time, a college education was something only for the rich.
Financial aid makes a college education accessible for almost everyone.
Every college or university offers some sort of financial aid. The time required to process a financial aid application is lengthy. Experts recommend that students apply for financial aid at the college or university of their choice even before they actually know whether or not they have received acceptance at that school. Many colleges and universities also offer more grants and private scholarships to college freshman and sophomores and then tack on more student loans later in their college career. Although there is nothing wrong with accepting loans, there are some traps which should be avoided in order to not graduate with a large debt.