Glossary Of Financial Aid Terms
With the current increasing college expenses, traditional financing from family and personal savings will not be enough
. Lots of students will need to rely on various outside sources to assist to fund their post-secondary studies.
There are a lot of sources of assistance obtainable to students as well as their families grants, scholarships, student loans, federal work-study, internships, federal work-study, and other approaches. The primary step is becoming acquainted with different financial aid opportunities and choose which are good for your individual situation.
1. Eligibility: a degree to that you qualifies for college financial aid, typically presented in a dollar figure; also eligibility is grounded on an amount of criteria.
2. Federal work-study: the form of government fiscal aid in that the students salary is subsidized 80% by the government plus 20% by the employer.
3. Financial help package: the whole aid given to you, including private and public funds; includes all grants, scholarships, work-study programs and loans for you; the financial help package is shown in full in an award letter.
4. Financial need: utilized to describe your familys financial case relative to expected college expenses; usually, low-income families will get a high degree of fiscal need and so qualify for any amount of need-based help programs.
5. Free money: fiscal aid accruing no interest plus does not have to be paid off.
6. Grant: a monetary gift which does not have to be paid off; many government grant awards are grounded on the fiscal need of a student.
7. Loan: the money borrowed from the federal government, a credit union, bank, or other lender, which must be paid off; typically accompanied by the interest charges.
8. Scholarship: a fiscal gift that doesn't need to be repaid; also scholarships are given based on a diversity of criteria, comprising academic excellence, race, demonstrated talent, religion, state of residence, group affiliations, etc.
by: elizreed
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