Financial aid is money that is available to help pay for college or career school. Financial aid can be awarded in the form of grants, scholarships, work-study, and loans. Financial aid is available from federal and state governments, educational institutions, and private organizations. Financial aid can cover costs like tuition and fees, books and supplies, room and board, transportation, and some living expenses.

To apply for federal financial aid, students must first complete the Free Application for Federal Student Aid (FAFSA) . The FAFSA is used to determine a students eligibility for need-based financial aid, which is awarded based on the financial need of the student. The "need" of each student is a figure determined separately for each student, and is calculated using the information submitted on the FAFSA.

There are four main types of financial aid: grants, scholarships, work-study, and loans. Each type of financial aid has specific attributes and individual requirements for receiving it. Grants and scholarships are typically awarded based on financial need or merit, while work-study programs allow students to earn money by working part-time jobs on campus. Loans must be repaid with interest, while grants and scholarships do not need to be repaid.

Financial aid can come from a variety of sources, including the government, schools, and private businesses. It is important to note that the financial aid process has been criticized for its part in enrollment management, whereby students are awarded money not based on merit or need, but on what the maximum the student families will pay.

In summary, financial aid is money that is available to help pay for college or career school, and can be awarded in the form of grants, scholarships, work-study, and loans. Financial aid is available from federal and state governments, educational institutions, and private organizations. To apply for federal financial aid, students must first complete the FAFSA.