Financial aid is a form of financial assistance that students will receive outside the financial help from their parents. In broad terms financial aid covers, many federal and state and campus programmes. It can include grants, loans, scholarships, tuition waivers and campus jobs. Only US students will qualify for federal student aid, grants and loans. But overseas students can apply for scholarships, tuition waivers and on-campus part time jobs, as a part of financial aid.
Scholarship is a cash award based on student's academic merit.
Scholarships are awarded by sources such as community groups and professional organisations. If your child is entitled to such a tuition waiver, it will have a dramatic effect on your cash flow. Most of the universities offer employment opportunities to overseas students, as financial aid. This will help the student to earn money to meet their living expenses while they are studying. Overseas students of Asian origin who properly planned their finances, pay their room rents and meet the meal expenses from money earned from part time work.