Financial Aid is assistance received by a student to pay educational costs such as tuition, fees, room and board, books and supplies, commuting costs and other miscellaneous personal costs related directly to education. Financial aid takes many forms, including scholarships, grants, loans, assistantships, and work study programs.
Some financial aid is merit based.
That means that the award is made in recognition of achievements, such as academic excellence, artistic talent, or athletic merit, rather than financial need. Most merit-based aid comes in the form of scholarships, and may or may not be renewable. Most financial aid is need based. For independent students, who are usually graduate students or students over the age of 24, the finances of the student and spouse, if married, are considered. Need-based aid generally comes in the form of grants, loans, and work study employment.