What is student financial aid?
A. Financial aid is money from federal, state, and private institutions used to pay college costs. There are two general types of aid: gift aid and self-help aid. Gift aid: The two types of gift aid are grants and scholarships. Generally grants and scholarships are the same thing- aid given to a student for which the student does not have to work or have an obligation to repay. Self-help aid: There are also two kinds of self-help aid, loans and employment. Loans-money used to pay current expenses with an obligation for repayment at some future time, usually with interest. Employment- part time campus or off campus job.
Financial aid is money from federal, state, and private sources used to pay college costs. There are two general types of aid: gift aid and self-help aid. Gift aid: The two types of gift aid are grants and scholarships. Generally grants and scholarships are the same thing – aid given to a student for which the student does not have to work or have an obligation to repay. Self-help aid: There are also two kinds of self-help aid, loans and employment. • Loans – money used to pay current expenses with an obligation for repayment at some future time, usually with interest • Employment – part time campus or off-campus job There are multiple sources of financial aid awards.
Student financial aid is money that is provided to help students and their families pay for college expenses. College can be expensive and many students and their families cannot afford to pay for tuition and fees, books and supplies, and the living expenses associated with attending college. Federal and state governments, colleges and universities and various organizations attempt to ensure that college is affordable for all students, by providing student financial aid to help meet the college costs for students who do not have sufficient resources. The federal government provides 75 percent of all financial aid awarded to students across the country. Nationally, states provide 6 percent of all aid, and institutions provide 19 percent. Of all federal financial aid, three quarters come in the form of student loans.
Student financial aid is money to help students pay for their college expenses. College can be expensive and many families and students are not able to afford to pay for tuition and fees, books and supplies, and the living expenses associated with attending college. Federal and state governments, colleges and universities, and organizations attempt to make sure that college is affordable for all students by providing student financial aid to help meet the college costs for students who do not have sufficient resources.
