Skip to main content

What is financial aid?

Financial aid is money from federal, state and private institutions that's used to pay educational costs. Sources of financial aid include:

  • The federal government
  • The state government
  • Colleges and universities
  • Community groups, including religious and civic organizations, professional associations and corporations

People are usually familiar with the first three sources of aid. But they sometimes overlook the money available from community sources. Kathy Ruby, the director of financial aid at St. Olaf College in Northfield, Minnesota, says billions of dollars in outside scholarships go unclaimed because students haven't applied for them.

"They're out there, but you have to have to look for them. It takes research," she says.


Contact

  • Email Support

  • 1-800-GO-TO-XAP (1-800-468-6927)
    From outside the U.S., please call +1 (424) 750-3900

Support


Powered by XAP

OCAP believes that financial literacy and understanding the financial aid process are critical aspects of college planning and student success. OCAP staff who work with students, parents, educators and community partners in the areas of personal finance education, state and federal financial aid, and student loan management do not provide financial, investment, legal, and/or tax advice. This website and all information provided is for general educational purposes only, and is not intended to be construed as financial, investment, legal, and/or tax advice.