What is financial aid?
Financial aid consists of scholarships, grants, loans or employment that is offered to students to help meet college expenses. Scholarships and grants need not be repaid; loans are borrowed monies which must be repaid with interest. Employment programs allow the student earn money to help pay for school. Financial aid usually does not meet 100% of college costs since students and parents are considered the primary sources of funds for college. Financial aid is intended to help make up the difference between the educational costs and what the student and family can contribute toward the student’s education.
Financial aid is any form of money for your college education that comes from resources outside your family. Scholarships can be awarded by St. Philip’s College, the Alamo Community Colleges or by an outside donor, such as a civic club, church or business. Grants are based on financial need and do not have to be repaid. Self-help aid, including loans and work-study employment are also considered financial aid, even though you have to pay back the loan or work for your stipend.
Student financial aid is money to help students meet college expenses. Federal and state governments, colleges and universities, and organizations attempt to make sure that college is affordable for all students by providing student financial aid to help meet college costs for students who do not have sufficient resources.
Financial Aid, funds to supplement family and student resources, comes in four main types: • Merit scholarships, based on individual talent and achievement, are available from state, federal, and private programs, and usually do not require repayment; • Need–based scholarships, awarded on financial aid eligibility, come from the School of Nursing, state and federal funds and do not require repayment; • Loans, from state, federal and private programs. (must be repaid). • Teaching Assistantships and Graduate Research Assistantships awarded by the school (the free application for federal students aid is not required) are available on a limited basis.
