… 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 governments, as well as public and private organizations in the form of grants, … if they and their families cannot meet the full cost of attending college. The basis for such assistance is the belief that the students (and their contributors) have the primary responsibility for meeting their educational costs. … Is …