This is the "other" kind of financial aid--because a student or parent has to pay it back! We may not like it but colleges expect both students and parents to "help themselves" pay for their higher education--hence, the term "self-help." The most common variety consists of a loan--the four-letter word in college financial aid! Loans, of course, must be repaid (with interest), which results in students' loan-debt.
Another kind of self-help is federal work-study--a job (usually, on campus) offered a student in their financial-aid package for which they are paid (often, minimum wage); students can use this money they earn to pay for some of their college expenses.
The good news about self-help is it may enable a student to attend college now--even though they or their parents don't have enough money today to pay for it. And make no mistake: the price of a college education may be high--and getting higher each year. Thus, self-help is the type of financial aid we love to hate--but, oftentimes, couldn't afford to finance a university degree without.
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