Financial aid is monetary assistance provided to eligible students to pursue their educational and academic goals. Moneys are awarded in the forms of grants, loans, work-study etc.
Scholarships are free monies awarded on the basis of academic merit or per donors request.
This award is a special combination of merit and other circumstances. Grants are free monies awarded solely on the basis of need. Yes, in most cases. This is called a consortium agreement . You would also need to meet with your academic advisor to make sure the courses for which you are enrolling meet the requirements of your degree program.