Q.How is financial aid awarded?
A. It’s awarded by financial need (need-based aid) or on academic achievement, athletics, or other talents (merit-based aid). Most financial aid is need-based but is often awarded in combination with merit-based awards.
Q.Who gives financial aid?
A.Schools, state and federal governments, and private businesses and organizations provide financial aid. But you and your family must pay as much as you can towards your school expenses.
Q.Who develops the financial aid process?
A.Generally, your school’s financial aid office develops your financial aid package based on guidelines and law. The package is typically a combination of grants, scholarships, work-study, and/or loans and depends on what funds are available.