… 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 … aid such as grants, fee waivers, 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 …