Author: Jason Whitney
There are different types of financial aid given to students, especially those attending college. A lot of college students need additional money for their college tuition fees and other school expenses; financial aid is the answer to this problem. However, financial aid packages are typically awarded only to deserving students who can maintain the requirements of the program.
- College Scholarship – scolarships are given to college students who have received excellent grades and can maintain a certain required grade in a university career. The student may also be required to study a certain major to qualify. Scholarships usually cover most or all tuition fees which means that you only have to worry about your other school expenses.
- College Grant – grants are given free but the student should check with their respective school to verify that they are not required to return any amount after a specific time period.
- College Loan – a college loan is much like any other type of loan; you borrow a lump sum of money and pay it back in installments, with interest. Sometimes these payments may even be deferred until a certain amount of time has passed after the student graduates. The only difference is that the money from this loan must be spent for your schooling and nothing else.
To apply for a financial aid package, the student must consult their intended university regarding the type of aid offered for that school or program. If one type seems that it may fit your needs, ask for an application form. Make sure you read all the requirements carefully so that you will be able to complete the form accurately and submit your application as early as possible.
Before submitting your requirements and application forms, do double check to ensure that you have filled out all the necessary information and have provided all required documentation. You may also want to ask what the application evaluation process entails. This will help you prepare if there will be exams or interviews given. For scholarship programs, writing an essay is sometimes a requirement. Make sure that your essay is well written and persuasive enough to warrant serious consideration for a scholarship.
There are many forms of financial aid awarded to deserving students, so try to apply for as many as you can that seem to fit your needs and circumstances. There is often stiff competition for available financial aid; so it is best to maximize your opportunity.
You might also consider working as a student assistant. Stipends are often given to students who can work as a volunteer in the school and study at the same time. This stipend can assist the volunteer student with his or her tuition fees.
Financial aid is a useful tool to help students keep up with the cost of their educational goals. Many are studious and disciplined enough to succed but can’t pay their tuition and have to stop or suspend their schooling. Financial aid can be the solution for these students who wish to keep their schooling despite their financial circumstances or shortcomings.
The best things in life are often far from free, but there is help out there for many who need it. Once granted financial aid, use it wisely and maintain it.
Category: Money Matters