Do you know, What Are The Four Basic Types Of Financial Aid? If you are seeking money to get your first college degree or certification; or even if you are seeking to go back to school, it can be a costly propostion. There are many ways to finance your education, so what are the four basic types of financial aid?
Scholarships are usually given out based on academic achievement, or possession of desirable skills or qualities. Examples would be academics, art, music or sports, though there are certainly other areas for scholarship awards. Scholarships are similar to grants in that they do not need to be repaid. However, certain criteria might be necessary in order to continue a scholarship for all four years, such as maintaining a certain grade point average for example.
Loans are a form of financial assistance available through both the government or private organizations. Usually federal loans offer better terms, especially if the federal loan is subsidized. In this case you will not have to pay interest back on the loan. Private loans often have higher interest rates, so it’s advisable to check the fees and fine print carefully of any loans you are considering.
Grants are usually given by the federal or state government and do not have to be paid back. Often grants can be renewed each year if the requirements are met and the availability is there. Grants differ from scholarships in that grants are usually based only on financial need.
Another type of financial aid is called work study. Work study can be either federal or non-federal. The Federal Work Study Program allows students to work both on-campus or off-campus. Funds gained from the employment can then be used towards paying for school tuition. Students then are able to get valuable experience while working to pay for their education.
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