School financial aid refers to academic institutions offering students monetary funding for their education.  This funding, depending on the education levels of the school, offers a student the ability to seek secondary/postsecondary education; tuition fees, room and board, etc.  Public education doesn’t fall under the category for financial need.

Types of Financial Aid

There are two-types of financial aid based scholarships:

Merit-based- These financial aid scholarships are awarded to students based on an individuals display of excellence.  Areas of defined excellence can be shown in places such as academic and athletic arenas.  Sometimes these merit-based scholarships are award for more unique concentrated talents as well. 

Need-based- This type of financial aid is given out based upon individuals who need monetary support in order to seek out their education.  Usually a student must hold a good GPA cumulative average to be eligible, along with prove of being in financial demand, according to the regulations of the Free Application for Federal Student Aid (FAFSA).     

Additional Facts

In addition to filling out and submitting the Free Application for Federal Student Aid (FAFSA), for rigid need-based financial aid, you may also fill out a copy of the College Scholarship Service Profile (CSS).  This will signal the College Board of the United States that you are in dire need for monetary support.