Financial aid is money lent or given to you to help you pay for college. Grants and scholarships are kinds of financial aid that you don’t have to pay back. That’s why they’re called gift aid.
All kinds of students get gift aid. Most grants are awarded based on financial need. But a good portion of gift aid is awarded for academic achievement.
If you’re thinking about going to college, you should definitely apply for grants and scholarships. Remember, though, that gift aid rarely covers the entire cost of college. It’s just part of the picture — a picture that may include loans, family savings and other sources of money.