Financial aid refers to financial assistance provided by various sources, such as governments or educational institutions, to help students pay for their education. This can include grants, scholarships, fellowships, work-study programs, and student loans. The goal of financial aid is to make higher education more accessible to those who may not be able to afford it otherwise by providing them with the necessary funds to cover tuition, fees, books, and other expenses related to their studies. Financial aid can be need-based or merit-based, meaning that it may be awarded based on a student's financial need or academic achievements.