At first, financial aid may sound like a foreign language. But once you understand the concepts and terminology, you'll quickly become fluent in it.
Financial aid is a broad term that represents any financial assistance you receive to help pay for your education. There are several types of financial aid. You'll need to repay some types, while others are gifts that don't require you to pay them back. The most common types of financial aid are scholarships, grants, loans and employment.