… Asked Questions (UC) … Frequently Asked Questions … What is financial aid? … Financial aid is money that students may use to help cover the cost of their education that is made available by federal and state governments, as well as public and … organizations in the form of grants, fee waivers, part-time employment, loans, and scholarships. The funds are available to make it possible for students to continue their education beyond high school, even if they and their families cannot meet … work study, and scholarships are forms of aid that do not need to be paid back under the condition that the student retains their eligibility throughout the semester. Loans are a form of financial aid available for students that need to be …