The definition of financial aid for students and the different types offered

Financial aid

Financial aid usually refers to funding provided for students to help them pay tuition and other costs during their university of college years – this might include food, clothing, a room, rent, education and books. A scholarship is similar to financial aid and is sometimes the same thing. Government funding for public education is not the same as financial aid. Usually financial aid is set aside for specific students and is not awarded to everyone. There are two types of financial aid: need based and merit based. Merit based financial aid includes scholarships given out by colleges and universities as well as merit scholarships awarded by outside, separate organizations that contribute to scholastic success. Merit scholarships are generally given out because of high academic achievement, outstanding talent, great leadership potential and other various characteristics. Financial need of the applicant or student is often not taken into consideration when merit scholarships are awarded. Sports scholarships are an example of merit based aid where athletic ability is the main characteristic taken into account, and financial stability of the athlete is not. Financial aid that is need based is usually given out to students that really need the money, and cannot otherwise get the education they desire. In order to obtain a federal need based sum of money applicants must fill out a FAFSA form, or Free Application for Federal Student Aid. The application takes into account the student’s finances, the family finances, whether the student has siblings in college, and grades / GPA among other things. The financial aid application calculates income and assets in order to figure out the Expected Family Contribution (EFC) toward the year’s education. The EFC for every student is different, and therefore the type of financial support varies. The Federal Student Aid application must be completed every year in order to be eligible to receive financial aid from the government. The US government provides money grants to students in the form of Federal Perkins Loans, Federal Work Study, Federal Stafford Loans, Federal Parent Loans, Pell Grants, SEOG Grants, and SSIG Grants. Often, specific education institutions will offer unique financial assistance to students including need based, merit based, or scholarship grants. Financial aid for students is basically free money based on merit or basic need.

For more information please visit The US Department of Education or the the following resource, within for Canadian student financial aid.

  Adjustable Rate Mortgages
  Alliance Bank
  ANZ Bank
  Associated Bank
  Bad Credit Mortgage
  Bad Debt
  Bank of America
  Bank of Colorado
  Bank of Montreal
  Bank of Oklahoma
  Bank of Scotland
  Bank of Texas
  Bank of the West
  Banks In The USA
  Barclays Bank
  BBVA Compass
  Black Friday
  BMO Bank of Montreal
  BNP Paribas
  Branch Banking and Trust
  British Bankers Association
  Bull and Bear Markets
  Cambridge Savings Bank
  Canada Pension Plan
  Canadian Tire Bank
  Canadian Western Bank
  Capital Bank
  Cash Advance
  Chase Bank
  CIBC Canadian Imperial Bank of Commerce
  Citizens Bank
  Citizens Bank of Canada
  City National Bank
  Co-operative Bank
  Coast Capital Savings Credit Union
  Comerica Bank
  Commonwealth Bank
  Conexus Credit Union
  Credit Card Advice
  Credit Counseling
  Credit Report
  Credit Unions
  Day Trading
  Defined Benefit Pension
  Defined Contribution Pensions
  Direct Deposit Advance
  Envision Credit Union
  Fedwire Routing Number
  FHA Loans
  Fiat Money
  First Federal Bank of Florida
  First Niagara Bank
  First Republic Bank
  First Tennessee Bank
  Fixed Rate Mortgages
  Forex Trading
  Frost Bank
  Glens Falls National Bank
  Government and Mortgages
  Gross Domestic Product or GDP
  Harris Bank
  HDFC Bank
  Hedge Funds
  Home Appraisals
  Home Equity Loans
  Home Equity Rates
  Home Foreclosure
  HSBC Canada
  Hudson City Bank
  Identity Theft
  ING Direct
  Interest-only loan
  Kennebunk Savings Bank
  Life Insurance
  Links Resources and Partners
  Lloyds TSB
  Market Share
  Meridian Credit Union
  MI Bank
  Micro Credit
  Money by Pink Floyd
  Money Converter
  Money Market
  Money Mart
  Money Scams
  Mortgage Loan
  Mortgage Refinancing
  Mutual Fund
  National Australia Bank
  National Bank of Canada
  Navy Federal Credit Union
  Navy Federal Credit Union Online Banking
  Navy Federal Credit Union Routing Number
  Navy Federal Credit Union Web Bill Pay
  Offshore banking
  Old Age Security Program
  One For The Money Movie 2012
  OneWest Bank
  Orange County Teachers Credit Union
  Oxford Bank and Trust
  Payday Loans
  Pentagon Federal Credit Union
  Peoples United Bank
  Personal Finance Software
  PNC Bank
  Provident Bank
  RBC Royal Bank
  Refund Anticipation Loan
  Regions Financial Corporation
  REIT or Real Estate Investment Trust
  Reverse Mortgages
  Rich Dad, Poor Dad
  Second Mortgages
  Servus Credit Union
  Sovereign Bank
  Standard Bank
  Steinbach Credit Union
  Stock Market
  Student Financial Aid
  SunTrust Bank
  SunTrust Routing Number
  TCF Bank
  TD Canada Trust
  TD Canada Trust Routing Number
  The Federal Reserve
  The Gold Standard
  The Wealthy Barber
  Union Bank
  US Public Debt
  Vancity Credit Union
  Venture Capital
  Wealth Coaching
  Wells Fargo
  Wells Fargo Routing Number
  Woodforest National Bank
  Zions Bank