Colleges and universities may charge students for education, but they are also one of the biggest contributors to student financial aid. In fact, grants awarded by colleges and universities are the second most common type of aid available to students. Educational institutions give out an estimated 17 billion dollars a year to help students succeed in their academic pursuits.
Usually when a student is granted admission to a college or university, the acceptance letter comes with an offer for financial aid. The document will list the amount of government loans and grants the institution is willing to lend a student, and the money the school itself will pay to have a student attend. Usually schools decide how much money to give based off of a student’s academic and extracurricular potential, and by the income of a student’s family. Some institutional aid will provide a full ride scholarship, while others will offer school loans and grants. Each aid package is calculated on an individual basis.
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