Understanding financial aid involves grasping the various types of financial assistance available to students, including grants, scholarships, loans, and work-study programs. It also involves comprehending the application process, eligibility criteria, and terms and conditions associated with each type of aid. Additionally, understanding financial aid entails awareness of the implications of accepting aid, such as repayment obligations for loans or academic performance requirements for maintaining eligibility. Furthermore, it involves being knowledgeable about sources of financial aid, such...