Are you preparing for the next chapter of your academic career? College and university alike provide numerous opportunities to those that are willing to learn and would like to achieve more in the future. To do so, you will have to account for the expenses, which is where financial aid comes into play. This comes in many forms, with some being more common than others. According to Robert Jain, here are the 4 forms of financial aid that are applied for the most.
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 - Unlike the other forms of financial aid, state aid must be repaid at a later date. Not only do the guidelines associated with this type of aid vary by state, but students are usually tasked with paying it off sooner. This is one of the reasons why fewer students choose this, as they are more likely to go with federal aid, which will we discuss next. Nonetheless, this is another option that's worth looking into if you're curious.
Federal Aid - For those that are planning on attending college, this may be the type of financial aid you're most likely to earn. In fact, federal aid is the most common support that students across the board can obtain, which makes sense given that billions of dollars in aid are provided on an annual basis. These tend to be more flexible than student aid, especially in regard to forgiveness programs. However, it's recommended that you pay what you owe as early as possible so that you don't accumulate interest.
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 - Unlike the other forms of financial aid, state aid must be repaid at a later date. Not only do the guidelines associated with this type of aid vary by state, but students are usually tasked with paying it off sooner. This is one of the reasons why fewer students choose this, as they are more likely to go with federal aid, which will we discuss next. Nonetheless, this is another option that's worth looking into if you're curious.
Federal Aid - For those that are planning on attending college, this may be the type of financial aid you're most likely to earn. In fact, federal aid is the most common support that students across the board can obtain, which makes sense given that billions of dollars in aid are provided on an annual basis. These tend to be more flexible than student aid, especially in regard to forgiveness programs. However, it's recommended that you pay what you owe as early as possible so that you don't accumulate interest.
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Would you like to discover more regarding financial aid? Contact Bobby Jain for details.. Also published at Robert Jain: The 4 Most Common Forms Of Financial Aid.
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