Student Financial Aid is called by different names such as student aid or student financial support. This is basically an education program that is intended to financially support folks who are furthering education.
There are various forms of student financial aid including:
- Student Loans and;
- Work Study Programs
What’s the Difference of these Programs?
Each program has a common denominator. It is to provide financial support to students. Of course, let’s not forget that every option has their fair share of setbacks. Read on as we discussed deeper the financial aid program mentioned.
Number 1. Scholarships
This is a financial award that’s intended to provide assistance in covering the part or entire cost of education. As for the eligibility, it will be based as per the criteria that are established by the applicant. There’s no need to pay back scholarships. Most of it is being given to eligible students, no strings attached.
Depending on the school and the scholarship program they have, some requires the student to maintain a grade every semester, some requires student to take part in community service or at times, work for a certain employer or company after graduation.
Number 2. Grants
Financial aid grant is basically money that’s awarded to students to be able to pay for their educational expenses. Grants are given by any of the following entity:
- State Government
- Private Institutions
- Federal Government
Much like scholarships, it doesn’t need to be paid back. Grant providers stipulate whether the grant must be used towards tuition, additional expense or research cost.
Number 3. Loans
Unlike the previously mentioned financial aids, education loan must be repaid. And it often comes with interest. In addition to that, limits are set on the amount of financial assistance that can be received.
In the event that you are not qualified for the first two programs and you are not comfortable taking loans for your education, you may try your luck investing in Bitcoins which is a hot item right now. You might want to do a quick check for the best crypto signals to have idea on how you can earn money using Bitcoins and save enough to send you to a University or College.
As a matter of fact, many countries have established their own financial aid program to assists student to graduate. In countries that are providing education at nominal cost, financial aid might just have tertiary link to an educational status than being tied to the family’s economic condition. Also, the financial support for students is almost always indirect.