Are you preparing for the next chapter of your academic career? College and university alike provide numerous opportunities to those that are willing to learn and would like to achieve more in the future. To do so, you will have to account for the expenses, which is where financial aid comes into play. This comes in many forms, with some being more common than others. According to Robert Jain, here are the 4 forms of financial aid that are applied for the most.
Grant - Depending on what group you fall into, or what your unique situation entails, you may be eligible for a grant. Not only do those that receive grants not have to pay back what they earn, but they can provide significant financial aid as well. Keep in mind that the competition for these is fierce, which is why names like Bob Jain recommend applying as early as possible. This will increase your chances of securing this type of financial aid.
Scholarship - Another option that doesn't require repayment, scholarships are more often but provided based on certain variables. Did you perform well in your high school courses? Were you such a stellar athlete to the point where you were recognized outside of school? These are just a few situations where scholarships will be provided. Others will require students to submit written work like essays so that they will be eligible.
State Aid - State aid is a complex topic, partially due to the fact that rules and regulations vary depending on where you live and the location of the campus. Furthermore, when this type of aid is used, students will have to pay back what they owe sooner. What this means is that, compared to federal aid, which we will discuss later, state aid can lead to more debt. It's important to know what you'll get into prior to applying for this.
Federal Aid - Lastly, and perhaps most prominently, federal aid is what most college students will apply for. It's also the most common form of financial aid, providing billions of dollars to students around the world on a yearly basis. Repayment options are relatively generous, which means that you don't have to worry about making immediate payments following graduation. The amount of money that you take out for financial aid will vary depending on your school as well, which makes research that much more important.
Grant - Depending on what group you fall into, or what your unique situation entails, you may be eligible for a grant. Not only do those that receive grants not have to pay back what they earn, but they can provide significant financial aid as well. Keep in mind that the competition for these is fierce, which is why names like Bob Jain recommend applying as early as possible. This will increase your chances of securing this type of financial aid.
Scholarship - Another option that doesn't require repayment, scholarships are more often but provided based on certain variables. Did you perform well in your high school courses? Were you such a stellar athlete to the point where you were recognized outside of school? These are just a few situations where scholarships will be provided. Others will require students to submit written work like essays so that they will be eligible.
State Aid - State aid is a complex topic, partially due to the fact that rules and regulations vary depending on where you live and the location of the campus. Furthermore, when this type of aid is used, students will have to pay back what they owe sooner. What this means is that, compared to federal aid, which we will discuss later, state aid can lead to more debt. It's important to know what you'll get into prior to applying for this.
Federal Aid - Lastly, and perhaps most prominently, federal aid is what most college students will apply for. It's also the most common form of financial aid, providing billions of dollars to students around the world on a yearly basis. Repayment options are relatively generous, which means that you don't have to worry about making immediate payments following graduation. The amount of money that you take out for financial aid will vary depending on your school as well, which makes research that much more important.
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