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 - 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 - When it comes to forms of financial aid that must be paid, state aid is a good place to begin. Not as many students apply for this compared to financial aid, which is due to a couple of reasons. Keep in mind that students that apply for state aid will have to pay it back sooner. Additionally, the rules regarding this type of aid may be different depending on your location. Keep this in mind when researching so that you have accurate information to work off.
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 - When it comes to forms of financial aid that must be paid, state aid is a good place to begin. Not as many students apply for this compared to financial aid, which is due to a couple of reasons. Keep in mind that students that apply for state aid will have to pay it back sooner. Additionally, the rules regarding this type of aid may be different depending on your location. Keep this in mind when researching so that you have accurate information to work off.
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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Would you care to learn more about financial aid? Consult Bobby Jain for information.
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