The jobs are usually on campus and the money earned is used to pay for tuition or other college charges. For example, a merit scholarship may be given to a student who has done well in high school or one who displays artistic or athletic talent. Most merit-based aid is awarded on the basis of academic performance or potential. Most financial aid is need-based and is available to qualified students. Student financial aid is available from a number of sources, including the Federal Government, State governments, colleges and universities, and other organizations.
Students can receive aid from more than one source.
These are need-based grants that were given to over 4 million students for school year 1992 93. With a subsidized loan, the Federal Government pays the interest on the loan while the student is in school. The student then starts paying back the loan and the interest after graduation. With an unsubsidized loan, the interest accrues while the student is in school. After graduation, the student must pay back the loan and the interest on the loan, including the interest that accrued while the student was in school.