What is Financial Aid?
It’s financial help for eligible students to pay for educational expenses at an eligible postsecondary school (e.g., college, vocational school, graduate school).
Student aid covers expenses such as tuition and fees, room and board, books and supplies, and transportation. Aid also can help pay for a computer and for dependent care.
There are four categories of student aid: grants, work-study, scholarships and loans.
- Grants: financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund).
- Work-Study: allows you to earn money for your education through a student job.
- Scholarships: an award of financial aid for a student to further education. Scholarships are awarded on various criteria (such as GPA, major, community service work) that usually reflects the values and purposes of the donor or founder of the award.
- Loans: allow you to borrow money for your education. You must repay them with interest during the set amount of time.
Check out our Financial Aid page to learn more.