Student financial aid available to assist with paying education expenses including tuition, fees, room, board, books, and supplies, etc. for education at a university, college, technical school, or even private school. Generally, governmental funding for public education is not called financial aid. A scholarship is sometimes called a financial aid award.

Merit-based scholarships are scholarships that are awarded by the individual college or university and also by outside organizations not directly affiliated. Merit-based scholarships are awarded for outstanding academic achievements, but some merit scholarships can be awarded for special skills or talents, leadership traits and other personal qualities. Merit scholarships are often awarded without considering the financial need of the applicant. At many institutions, every student is considered for merit scholarships. Athletic scholarships are another common form of merit aid that take athletic skill into account.