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… Aid - Frequently 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 private organizations in the form of grants, … … Yes. A separate financial aid application must be completed for each academic year. Financial aid applications from prior years may not be used to apply for aid for the current year. A good habit to have is remembering that on October 1st of …