Article

Financial Aid

Donald E. Heller

in Education

ISBN: 9780199756810
Published online December 2011 | | DOI: http://dx.doi.org/10.1093/obo/9780199756810-0015
Financial Aid

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Financial aid refers to money provided to students to help them pay the tuition, fees, and other charges associated with attending postsecondary education. Financial aid is both a practitioner and a scholarly field. Practitioners include those professionals in universities, governmental agencies, and nongovernmental organizations (NGOs) who are responsible for managing and administering financial-aid programs. Scholars who generally come from fields such as education, economics, political science, and public policy conduct research on the effects that financial aid has on a number of outcomes, including but not limited to access to college, college choice, retention and persistence through college, degree attainment, student experiences and behaviors in college, equity and diversity, social outcomes, and post-college behavior and experiences. Financial aid can be provided in different forms, including the following: grants (also known as “scholarships” or “bursaries”), which are discounts provided to students to reduce the price of college attendance; loans, which allow students to overcome credit constraints and postpone when they pay for postsecondary education; and work study, which is a program of subsidized jobs for students while they are enrolled in college. Each of these forms of financial aid can be provided from different sources, including governmental organizations, colleges and universities themselves, and private sources such as philanthropic or service organizations as well as commercial providers. Financial aid is an important part of the postsecondary financing system in the United States and has existed since the first universities were developed during the colonial era, but the United States is not the only country that has financial aid for college or university attendance. Other countries around the world have developed financial-aid systems in more recent years, though because financial aid is a more recent phenomenon in these other countries, there is generally less research and data available than in the United States.

Article.  3534 words. 

Subjects: Education ; Organization and Management of Education ; Philosophy and Theory of Education ; Schools Studies ; Teaching Skills and Techniques

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