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Student Financial Aid Types you Should Know

There are many types of financial aidsA study loan is a financial aid offers
offer to college and universityto students and these money need to be
students. While a few are gifted aidsrepaid after the completion of the study
and do not need to be paid back; othersprogram. Although there are loans
are provided as a loan and need to beoffered with zero interest rate by
paid back after the completion of thecharities, associations or religions
education program.organization, most of loan programs have
In general, student financial aids arerepayment provisions and repayment
grouped in below categories:interest rate applied.
- GrantWork Study
- FellowshipThis program provides jobs that enable
- Scholarshipstudents to earn a portion of school
- Loancosts through employment at the
- Work Studyinstitution. Many colleges and
- Waiveruniversities offer job to students where
What are the differences between thesethey can earn their school fee and part
financial aids? Many people confuseof their living expenses.
especially on grant, fellowship andWaiver
scholarship. Let's take a brief look onUnder certain circumstances, a college
these financial aids. Grant, Fellowshipor university may allow a student to
& Scholarship A grant is a giftedattend the courses without paying
financial aid for a student that doestuition or other costs. A certain
not have to be paid back. Fellowship iseligibility requirements need to be met
a fund awarded to a graduate student inin order for eligible for the waiver.
a college or university. And scholarshipLast Words
is a financial aid usually awarded basedIdeally, all students are dreamed to get
on merit or academic achievement. Bothfree money (grant, fellowship or
fellowship and scholarship are grant.scholarship) to aid their study needs.
Practically, these terms very little inAlthough there are many scholarships
different and in fact, these terms areavailable out there for students to
used interchangeably in representingapply, beware of "Scholarship Scam".
fund gifted to students to support theirRemember if you have to pay to get
college or university study.money, it probably a scam.
LoanThat's all for this time. See you soon.



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