Financial aid is the economic assistance available to help students pay for college. This economic assistance may be in the form of scholarships, grants, work-study programs, or loans.
A financial aid package is a combination of different forms of financial aid that together make up an offer of financial assistance.
A student's ability to contribute to the cost of his or her education is determined by the use of a NEED ANALYSIS which is a consistent, systematic way of measuring the ability of a family to pay for educational costs and its eligibility to receive funds from federal and state programs. It determines the ability, not the willingness, of a student or his or her family to finance his or her education. Everyone who applies is treated fairly and equally under this system. The amount of financial aid that a student receives may not exceed his or her cost of education as established by the college.