Financial aid programs provide support for students to help meet the costs of obtaining a college education. Funding for such programs is provided by the federal and state governments, the individual colleges and universities, and a variety of other public and private sources.

Financial aid is split up into two categories based on the reason the money is awarded:

Achievement-based aid is awarded to students who have a special characteristic, skill, talent, or ability. Typically achievement-based aid is in the form of scholarships.

Need-based aid is provided to students who demonstrate financial need. Most financial aid, particularly public-funded aid, is awarded on the basis of financial need determined through the application process and in accordance with a prescribed federal formula.

Most often, financial aid will come to you in the form of a package consisting of a combination of the different types of aid available. The combination of aid offered depends on the availability of funds, your eligibility, the timeliness with which the application process is completed, and your year in school.

You've got questions and we have the answers in FAQs about Financial Aid.

STEP 1: ESTIMATING YOUR FINANCIAL AID ELIGIBILITY

STEP 2: FILING A FAFSA FORM WITH THE FEDERAL GOVERNMENT

STEP 3: GET AN UNDERSTANDING OF THE TYPES OF FINANCIAL AID AVAILABLE

STEP 4: THE STUDENT AID REPORT, AWARD PACKAGES, AND FUNDS DISBURSEMENT