There are various types of financial aid available to help you through school. They all come with their own advantages and disadvantages, and we’ll go through each one below. This way, you can be sure you know which type of financial aid is right for you.
1. Student Loans
Student loans are perhaps the most obvious choice for those looking for funding for college or university. It can be federal or private, and each will come with its own set of terms and interest rate. These can be variable or fixed, and so doing your research will help ensure you get the best deal. With right student loan strategy, such loans can be easily be settled.
The next type of financial aid is a scholarship. These are usually offered by non-profits or private organizations with an investment in the area in which you are studying. Scholarships vary in amount by organization, but also depending on the reason you’re getting one. Importantly, these don’t require repayments, but will come with their own set of terms and conditions.
Grants are another form of financial aid that you don’t need to pay back. These come in different forms from different organizations. Unlike scholarships, grants are usually not given on the basis of merit. Instead, they’re usually offered to students facing significant financial hardship, or to members of military families. However, some grants like the TEACH grant do have merit-based requirements attached to them.
4. Work-study Program
The work-study program is a form of financial aid that offers part-time employment to students. The jobs offered to you will often be related to your studies. The amount of money you’ll receive will depend on when you apply, how much money your school can afford to pay you and your own level of financial need.
5. Financial Aid from the Government
You can also receive aid from the government. This can come in several different forms, either from the federal government or your state’s government. Federal student aid is usually designed to cover the basic costs of living, along with tuition fees and any expenses you may incur as a student. Financial aid from state governments depends on your own state’s funding procedures.
6. Financial Aid from your School
You may also be eligible to receive financial aid from your school. This type of aid is usually designed to help cover costs of living and any expenses for books or computer equipment. This will vary depending on your school’s level of funding, along with any other factors that your school decides to take into account when awarding funding to students.
There are various other types of financial aid for military families, international studies, and other more specific situations. However, all you really need to know about financial aid is that the amount you may be eligible for will depend on a variety of factors. The most important are the level of funding the organization has available, and your own level of financial hardship. As a student, you can also build your credit score early and fast.