Programs that enable students who demonstrate financial need to obtain the financial assistance they require to meet their educational and living expenses while in school. Most students receive a financial aid package which includes aid from a combination of sources that may include loans, scholarships, grants, work-study awards, and fellowships or assistantships for graduate students. Also included are programs that help current and former students make arrangements to defer, repay or obtain forgiveness for student loans.
Programs that provide assistance for people who are experiencing an unexpected financial crisis and have insufficient resources to obtain essential services or to meet expenses in situations where financial assistance related to their specific circumstance is unavailable. Monetary assistance may be in the form of immediate cash, loans, cheques or vouchers.
The above terms and definitions are part of the Taxonomy of Human Services, used here by permission of INFO LINE of Los Angeles.