… Financial 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 … students (and their contributors) have the primary responsibility for meeting their educational costs. … Is financial aid money that I have to pay back? … Financial aid such as grants, fee waivers, work study, and scholarships are forms of aid … more detailed information. … If I completed a financial aid application for the Fall semester, do I need to complete a new one for the Spring semester? … No. The financial aid application covers the entire academic year for which it was done. If …