StudentZona - Caring For A Better Student Life And Learning

Although some are lucky enough to have their education paid for by their parents or relatives, in today’s world it is likely that if you are going to a college or university you will need some financial assistance. There are many ways to go about finding assistance, but many students get overwhelmed when looking at the variety of options that are available to them. The next few posts will look at the intricacies of the different types of aid, but for now, we will give you a brief definition and overview of each type.

Federal Student Loans: This type of student aid is funded by the government and is a loan that must be paid back after graduation. To obtain this aid, you must fill out a FAFSA (Free Application for Federal Student Aid) each year that you are in attendance at a college or university. You can be awarded two types of loans: subsidized and unsubsidized. Subsidized loans are awarded based on financial need and no interest accrues until the repayment period begins. Unsubsidized loans are not based on financial need and interest begins accruing when the loan is accepted.

Federal Grants: This type of student aid is based on financial need and does not have to be paid back. Grants are often referred to as gifts due to the fact that they do not have to be repaid.

University Scholarships: This type of student aid is granted by the university or college that the student is attending and is usually based on academic performance or involvement in a sport. Some scholarships are for the entire time that the student is in attendance , while others must be applied for every year. Scholarships are like grants in that they do not have to be paid back. Some universities also have scholarship funds that are set up by alumni or members of the community that have special requirements for eligibility.

Independent Scholarships: This type of student aid is set up independently of the university and available to students who meet specific requirements. For instance, in Columbus, Ohio there is a scholarship fund available to children of fallen firefighters. These scholarships do not have to be repaid. They are often one-time gifts or must be reapplied for every year.

Over the next few posts, we will look at each of these types of financial aid in more depth. If you know you will need aid at sometime during your college education, try to read all of these posts, as chances are you will have a combination of several.

If you're new here and like what you read, you may subscribe to our email alerts or RSS feed . Thanks for visiting!