Student financial aid in the United States
Student financial aid in the United States is funding that is intended to help students pay tuition, fees, living expenses (room and board, if living in college housing), transportation, books, and supplies for study at a post-secondary educational institution: a professional school, community college, four-year college, or university. General governmental funding in the form of subsidies for public education (not designated for an individual student) is not considered to be financial aid. Financial aid refers to awards to specific individual students. A scholarship is sometimes used as a synonym for a financial aid award, although grants and student loans are also major components of financial aid packages from students' intended colleges.
Types of financial aid
Need-based aid
Pell and other types of grants, money that does not need to be repaid. Similar to scholarships, but awarded on the basis of economic Need rather than academic accomplishments or promise.