In simple terms, financial aid is any financial resource a student receives in addition to what the student, and his or her family, can afford to pay.
Financial aid includes scholarships, grants, loans, and employment programs.
Grants and Scholarships are monies that do not have to be repaid. Employment lets you work on campus and earn money to help pay for educational expenses. Loans are monies that require repayment, but typically not until after graduation. Loan options frequently offer low interest rates and long-term payments. Financial aid can be awarded on the basis of either need or merit.