What's the definition of financial aid for college?

I'm trying to understand what exactly 'financial aid for college' means. How does it work, and what forms does it come in? Also, who qualifies for it and how do I apply? Any insights would be appreciated!

Financial aid for college is money that is given, earned, or lent to students to help pay for their college education or any associated costs such as tuition, room and board, books, etc. It can take multiple forms:

1. Grants: These are financial awards that don't have to be paid back. They are typically based on financial need and can come from federal and state governments, colleges, and private organizations. A well-known example is the Pell Grant.

2. Scholarships: Similar to grants, scholarships are also funds that don't need to be repaid. They may be awarded based on a variety of criteria, including academics, athletics, talents, community service, or other special interests.

3. Loans: These are sums of money that students or their parents borrow to cover educational expenses. Loans must be paid back, usually with interest. Federal student loans often have lower interest rates and more favorable repayment terms than private loans.

4. Work-Study Programs: These programs provide part-time jobs for undergraduate and graduate students with financial need. The jobs are often related to the student's field of study.

To qualify for most types of financial aid, you would need to demonstrate financial need, which is usually determined by your family's income, your cost of attendance, and other factors. However, some scholarships might be merit-based, requiring good grades, special skills, or unique backgrounds instead.

The primary way to apply for financial aid is by filling out the Free Application for Federal Student Aid (FAFSA), which makes you eligible for federal grants, loans, and work-study programs. However, some colleges and private organizations may have their own application processes. It's always a good idea to check with your school's financial aid office or the specific organization offering the aid for the most accurate information.