- Merit- based aid comes in the form of scholarships. These can be awarded by the college or a separate institution to a student who is exceptionally talented or has achieved a great accomplishment.
- Need- based aid is provided on the basis of the student's need. Both government and private institutions provide this type of aid.
Aid can also come in the form of a loan which has to be repaid after a certain period of time at a given interest rate. For more information one can go through the following pages: