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on Feb 11, 2018

Types of Student Aid

Introduction

Student Aid can be the key variable that determines whether a student chooses to pursue post-secondary education. Whilst Student Aid can be easily divided into gifts and self-help, obtaining of student aid is a complicated process. Student Aid can be obtained by both undergraduate or post-graduate students. However, the amount of funding available maybe different based on some key factors. These factors include financial need of the student, individual program requirement, eligibility of the student for available funding, and the date at which funding was requested. Within this document we will look at the different types of student aid available, and what the pros and cons of each of them are.

Grants

Grants are a type of student aid that is considered as a gift to the student. Therein there is no obligation for the student to repay the amount of aid that is given to him/her. Student aid in the form of grants can be applied for before a course of study is started or whilst it is underway. Grants are usually small amounts of funding compared to the total amount that has to be paid for the course. These grants can be awarded for particular reasons and the money must be used for a strict purpose. For example, a book grant might award the student $1000 dollars, but the money can only be used to buy textbooks for the course in question.

The advantage is that it alleviated a level of burden from the student, and even acts as a reward for doing well in a particular area of study. The con or disadvantage is that the student does not get a lot of money, and that the money is restricted for a set purpose. The most obvious advantage however is the fact that it is a type of Student Aid that need not be repaid.

Loans

A student loan is a type of Student Aid that can benefit the student towards reaching his or her educational goals. Student Loans can be granted by the government (federal of state authorities) or granted to the student by a ...

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