What is Financial Aid?

Student financial aid in the United States is funding that is available exclusively to students attending a post-secondary educational institution in the United States. This funding is to assist in covering the many costs incurred in the pursuit of post-secondary education.

Types of Student Aid?

There are three types of federal student aid:

  • Grants—financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund)
  • Work-study—a work program through which you earn money to help you pay for school
  • Loans—borrowed money for college or career school; you must repay your loans, with interest

Apply for federal student aid using the Free Application for Federal Student Aid (FAFSA®) form. And remember, the first F in “FAFSA” stands for “free”—you shouldn’t pay to fill out the FAFSA form!