Make sense of financial aid.
Explore common forms of education funding and the questions to ask before accepting financial assistance.
What is financial aid?
Financial aid refers to funding that can help eligible students pay for education. Depending on the source and program, aid may include grants, scholarships, work-study opportunities and loans. Each has different eligibility rules and obligations.
Common types of aid
Grants
Grants are often need-based and generally do not require repayment when eligibility and program conditions are met. Confirm the terms with the grant provider.
Scholarships
Scholarships are awards that may be based on academic achievement, financial need, field of study, background criteria or other factors.
Federal student aid
Eligible students in the United States may be able to apply for federal student aid. Use the official Federal Student Aid website at StudentAid.gov for current information and application instructions.
Student loans
Loans are borrowed funds that generally must be repaid, often with interest. Understand the interest rate, fees, repayment terms and borrower responsibilities before accepting a loan.
Plan the full cost
Compare tuition and fees, housing, food, transportation, books, supplies and other expected expenses. Ask each institution for its official cost-of-attendance estimate and financial aid information.
Use official sources
Financial aid rules and application processes can change. Verify deadlines and eligibility directly with the relevant government agency, school or funding organization.