Student Financial Aid Types You Should Know

Student Financial Aid Types You Should Know



There are many types of​ financial aids offer to​ college and university students. While a​ few are gifted aids and do not need to​ be paid back; others are provided as​ a​ loan and need to​ be paid back after the completion of​ the education program.

In general, student financial aids are grouped in​ below categories:

  • Grant

  • Fellowship

  • Scholarship

  • Loan

  • Work Study

  • Waiver


What are the differences between these financial aids? Many people confuse especially on grant, fellowship and scholarship. Let's take a​ brief look on these financial aids. Grant, Fellowship & Scholarship a​ grant is​ a​ gifted financial aid for a​ student that does not have to​ be paid back. Fellowship is​ a​ fund awarded to​ a​ graduate student in​ a​ college or​ university. And scholarship is​ a​ financial aid usually awarded based on merit or​ academic achievement. Both fellowship and scholarship are grant. Practically, these terms very little in​ different and in​ fact, these terms are used interchangeably in​ representing fund gifted to​ students to​ support their college or​ university study.

Loan

A study loan is​ a​ financial aid offers to​ students and these money need to​ be repaid after the completion of​ the study program. Although there are loans offered with zero interest rate by charities, associations or​ religions organization, most of​ loan programs have repayment provisions and repayment interest rate applied.

Work Study

This program provides jobs that enable students to​ earn a​ portion of​ school costs through employment at​ the institution. Many colleges and universities offer job to​ students where they can earn their school fee and part of​ their living expenses.

Waiver

Under certain circumstances, a​ college or​ university may allow a​ student to​ attend the courses without paying tuition or​ other costs. a​ certain eligibility requirements need to​ be met in​ order for eligible for the waiver.

Last Words

Ideally, all students are dreamed to​ get free money (grant, fellowship or​ scholarship) to​ aid their study needs. Although there are many scholarships available out there for students to​ apply, beware of​ "Scholarship Scam". Remember if​ you have to​ pay to​ get money, it​ probably a​ scam.

That's all for this time. See you soon.

Next time we shall talk about "Scholarship scam" and how to​ protect yourself from these scholarship scams.




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