Financial aid is used to assist students students and their families to pay for college, university, or technical and vocational schools. The financial assistance provided by financial aid covers many different types of expenses related to your cost of attendance including tuition and school fees, room and board, books and school supplies, and even transportation and childcare while you’re in school. There are several types of financial aid you may be eligible for, including grants and scholarships, work study, as well as loans. Financial aid awards may include a combination of the various types of aid – some of it free aid and some of which you will have to pay back. Also, financial aid may come from the federal government, states, or other institutions.