How
to Find Scholarships on the Internet
Learn
About Scholarship Basics: Free Money For College
Scholarship
Essays.
Scholarship
Myths...Debunked
Types
of Financial Aid.
Distance
Learning Scholarships
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Types of Financial Aid.
College can be expensive. That’s why, whether
you’re dorming at a
university or are taking classes from the comfort of your own home,
financial aid is necessary for just about everyone. Financial aid is
monetary help offered to individuals though government agencies,
individual schools, or other sources. There are several types
of aids
available to students.
Loans
When you borrow money, it is called a loan. All loans must be paid
back. Students can apply for loans at www.fafsa.ed.gov, at their
schools’ counseling office, or at their bank.
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Government
Loans
The
government offers several loans to students going to school. The
cap of the loan is generally set by the school you are attending and
may include enough money to cover tuition, housing, and other expenses.
All loans must be paid back. However, the terms are very reasonable.
The government agencies will determine the type of loan you are offered
through several factors, including your income level. Some
students are
offered subsidized loans, in which the government actually pays the
interest of the loan for them. Others are
offered unsubsidized loans. Their
interest accrues while they are going to
school. Generally
speaking, government loans are the best type of loan to take out
because they are designed to benefit the student and usually offer the
most reasonable rates and terms. |
Private
Loans
Some students don’t qualify for government loans. Those who
are not
United States citizens, men who fail to register for the draft, and
students enrolling in unapproved schools are not able to receive
funding from government agencies. These students have the option of
taking out private loans from individual banks. Bank loans require that
the student has established sufficient credit, or is co-signing with
someone who has. These loans generally have a higher interest rate and
less negotiable terms.
Grants
A grant is a gift of money. You do not need to pay it back. Students
can learn more about qualifying for grants at www.fafsa.ed.gov.
Government
Grants
The
government offers grants of money to students who fall in the lower
brackets of income level. Usually students must maintain a minimum gpa
in order to qualify for the grant. The required gpa depends upon how
much money a student (or, more often, a student’s family)
has. The
minimum gpa varies, but is generally in the 2.0-3.0 range. Grants do
not have to be paid back.
Scholarships
A
scholarship is an award based on academic performance, talent, or
other factors.It may have
certain requirements,
but you do not need to
pay it back. Students can learn about individual scholarships from
their schools’ counseling office (or web site) or from online
scholarship databases, such as www.fastweb.com. |
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School
Scholarships
Almost all schools offer some sort of scholarship to their students.
These scholarships are based on a number of factors including your
incoming gpa, the review of a portfolio, or your athletic or artistic
contributions. Most schools require that students apply for individual
scholarships. The amount of these awards varies; some are worth a few
hundred dollars while others cover the entire tuition and living
expenses of the student for the duration of their education.
Private
Scholarships
There are thousands of private organizations that offer scholarships to
students. The qualifications are too varied to list. Some organizations
offer scholarships to the winners of contests they facilitate. Others
are looking for people who fit particular standards (i.e. people with a
certain last name, a particular nationality, or a certain field of
study).
Distance
Learning Considerations
As long as your school is accredited by the appropriate regional
agencies, you will be granted the same financial aid options as any
other student. If your school is accredited by a different agency, or
is not accredited, you will need to check with your school to see what
financial aid options are available to you.