Definition: Financial aid is funding to help college students pay for higher-education expenses such as books, tuition, fees, room and board, and supplies. This website can help you to collect some information about student aid. https://studentaid.gov/h/apply-for-aid/fafsa. It often takes the form of scholarships, grants, loans, and work-study programs. When you’re looking for financial aid for college, the process generally starts by learning an aid program’s requirements and submitting an application. The source of the aid will then review your application to determine if you qualify. If you do, they will calculate the amount you qualify for and the terms and conditions attached to it. The qualifications for financial aid are typically based on merit or need. To qualify for merit-based aid, a student’s achievements, academic or extracurricular, are taken into account. Need-based aid depends on a student’s level of financial need, often determined by analyzing their family’s income, benefits, and assets (Jessica Walrack, September 30, 20220).