Financial Aid Financial Aid Financial aid is a term used to describe money that is awarded to a student to help pay for college and the necessities related to college.
Financial aid consists of grants, loans, scholarships and work study.
Borrowers Need and Non-Need Based Aid Financial Aid is awarded based on your financial need and the availability of funds. The idea behind need-based aid is that it should cover the costs that the family cannot. Eligibility for need-based aid requires completion of a need analysis application. Need-based aid theoretically allows you to choose your college based foremost on how it will meet your academic and professional needs, and not necessarily on what the family can afford. Scholarships Scholarships are gifts of free money.