When it comes to education, there are many areas to account for. One of the most important, depending on your financial situation, is financial aid. You should also know that there are different subcategories that, as a future student, you should research so that you know which one is best for you. Here are the 4 categories of financial aid detailed by Robert Jain. Regardless of what you choose, it will help you cover many of the expenses associated with education.
Grant - Starting off this list is the topic of grants, which are financial aid that doesn't have to be paid. However, these tend to be more difficult to apply for since they are high in demand. Grants are also given to certain groups based on their backgrounds and education, which means that not everyone will be eligible. You may want to get in touch with your school to see what your eligibility entails. Reputable names in finance such as Bob Jain will tell you to do the same.
Scholarship - Whether you're a student with exemplary grades or a school athlete with a stellar background, a scholarship may be within reach. Much like grants, the competitive nature of scholarships is intense. Another shared similarity is that they don't have to be repaid, which is one of the reasons why this level of competition exists in the first place. Research scholarships that you may be eligible for and put in the effort so that you stand a chance of earning it.
State Aid - Unlike the other forms of financial aid, state aid must be repaid at a later date. Not only do the guidelines associated with this type of aid vary by state, but students are usually tasked with paying it off sooner. This is one of the reasons why fewer students choose this, as they are more likely to go with federal aid, which will we discuss next. Nonetheless, this is another option that's worth looking into if you're curious.
Federal Aid - This is the most common form of financial aid that students apply for, and it's likely that you will apply for it as well. In fact, did you know that billions of dollars in aid will be provided by the government on a yearly basis? For students that plan on applying, understand that the amount you take out will vary depending on your campus and how much tuition you'll ultimately have to cover. Research matters when it comes to federal aid.
Grant - Starting off this list is the topic of grants, which are financial aid that doesn't have to be paid. However, these tend to be more difficult to apply for since they are high in demand. Grants are also given to certain groups based on their backgrounds and education, which means that not everyone will be eligible. You may want to get in touch with your school to see what your eligibility entails. Reputable names in finance such as Bob Jain will tell you to do the same.
Scholarship - Whether you're a student with exemplary grades or a school athlete with a stellar background, a scholarship may be within reach. Much like grants, the competitive nature of scholarships is intense. Another shared similarity is that they don't have to be repaid, which is one of the reasons why this level of competition exists in the first place. Research scholarships that you may be eligible for and put in the effort so that you stand a chance of earning it.
State Aid - Unlike the other forms of financial aid, state aid must be repaid at a later date. Not only do the guidelines associated with this type of aid vary by state, but students are usually tasked with paying it off sooner. This is one of the reasons why fewer students choose this, as they are more likely to go with federal aid, which will we discuss next. Nonetheless, this is another option that's worth looking into if you're curious.
Federal Aid - This is the most common form of financial aid that students apply for, and it's likely that you will apply for it as well. In fact, did you know that billions of dollars in aid will be provided by the government on a yearly basis? For students that plan on applying, understand that the amount you take out will vary depending on your campus and how much tuition you'll ultimately have to cover. Research matters when it comes to federal aid.
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Would you like to discover more about financial aid? Consult Bobby Jain for information.. Unique version for reprint here: The 4 Forms Of Financial Aid Covered By Robert Jain.
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