Tuesday, September 15th, 2009

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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Jullie Harvard
http://www.articlesbase.com/loans-articles/student-financial-aid-types-you-should-know-84433.html

This entry was posted on Tuesday, September 15th, 2009 at 6:16 pm and is filed under Financial Aid. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Responses to “Student Financial Aid Types you Should Know”

A concerned AMERICAN Says:
September 15th, 2009 at 6:16 pm

What types of volunteer work should be part of Obama’s expanded America Corps program?
And what types of service, if any, should be excluded?

Should private organizations also enact student financial aid programs requiring volunteer service?

And what should be done to ensure that government-sponsored service is not mandatory?

Thanks.

Buddy R Says:
September 15th, 2009 at 11:18 pm

None. That is not authorized by the Constitution and is illegal for the government to do.

It is a socialist give away program masked as "volunteer" work. And dem lap dog groups like ACORN will be furthur funded in this manner.

Furthur, it will be used to indoctrinate the young people into the socialist philosophy.
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Forget War Buy More Says:
September 15th, 2009 at 11:20 pm

If you check out the VISTA/NCC Americorps volunteer programs the places and types of things you can do are incredible. I served while teaching in the NYC inner city, another friend built homes in Colorado, another gives advice on financial planning to people who are very low income, another worked in some protected forests.

Private organizations are involved currently in student financial aid programs, particularly in the privatization of loans.

Government service will not be mandatory. The right gave the same cries about this when Clinton enacted the Americorps legislation and there are more than enough willing volunteers and continues to be.
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mou Says:
September 15th, 2009 at 11:22 pm

If peace is advocated, then it is something like caring. Instead of sending a military ship, it should be converted to a hospital ship. Instead of sending a military plane, it should be a flying hospital service. Instead of sending soldiers, it should be the caring workforce. Volunteer means you do it willingly and you should foot the costs.
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djinnsterr Says:
September 15th, 2009 at 11:24 pm

Service efforts should all be specific to the needs of each community where the programs exist, such as volunteering at a soup kitchen in areas where homelessness is rampant or volunteering at a nursing home in areas with aging populations. Students could also help to clean up municipal parks or offer assistance to municipal departments in need of volunteers to accomplish projects that they might not otherwise be able to do due to budgetary constraints.

Private organizations should definitely jump on the bandwagon and offer incentives to students who volunteer in their communities. Many private organizations pursue community outreach efforts as a way of giving back to their communities. Students who pitch in with these efforts could be awarded scholarships from the organization as a sign of their dedication to bettering the community of which they are a part.

Why would you be against mandatory government-sponsored service? The programs that would be included in mandatory service efforts would go towards bettering the communities of which we all live in and they would allow students to become more interconnected with their community and therefore feel a greater sense of accountability to its success. As JFK famously stated, "Ask not what your country can do for you, but what you can do for your country."
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David S Says:
September 15th, 2009 at 11:26 pm

Registering illegals to vote.
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