… the full cost of attending college. The basis for such assistance is the belief that the students (and their contributors) have the primary responsibility for meeting their educational costs. … Is financial aid money that I have to pay back? … Financial aid such as grants, fee waivers, work study, and scholarships are forms of aid that do not need … typically paid once a semester. Work-Study earnings are paid every two weeks. Financial aid recipients may also request to have their funds electronically transferred to their savings or checking bank accounts as an option through the refund …