Types Of Financial Aid Grants, Loans, And Work Study...

Three types of financial aid are grants, loans, and work-study jobs. Grants are often called â€Å"gift aid† because they are free money—financial aid that doesn’t have to be repaid. Grants are often need-based, while scholarships are usually merit-based.Grants and scholarships can come from the federal government, your state government, your college or career school, or a private or nonprofit organization. Do your research, apply for any grants or scholarships you might be eligible for, and be sure to meet application deadlines! Occasionally you might have to pay back part or all of a grant if, for example, you withdraw from school before finishing an enrollment period such as a semester. Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loa ns from banks or other private sources. The Federal Work-Study (FWS) Program is a need-based program that provides jobs for eligible students with financial need who are enrolled at least half time, allowing them to earn money to help pay education expenses. The program encourages community service work and employment related to their course of study. Different types of aid (private scholarships, state grants, etc.) have different rules, called eligibility criteria, to determine who gets the aid. Here are the eligibilityShow MoreRelatedFinancial Aid In Higher Education Aims To Make Tuition1616 Words   |  7 PagesFinancial aid in higher education aims to make tuition fees affordable. 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