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What are the Types of Financial Aid?


For millions of college students around the country and the world, financial aid is one of the only ways that they will be able to enjoy a high-quality education at an institution of higher education. It can be the key to helping you study the field that you enjoy and gain the education that you need to be successful in your future career. However, financial aid can also be a confusing topic that seems at first difficult to understand and navigate.  Luckily, we are here to guide you using financial aid to fund your education and more importantly, the various types of financial aid that are available to you. When used in conjunction, these methods of financial aid can be very powerful and empower you to enjoy the education that you have always wanted.  Follow along to learn about the various types of financial aid that are available to you when it comes time to go to college and get a high-quality education that will jumpstart your career. 

Grants
The first type of financial aid that you will want to know about are grants. Grants are a very powerful tool that you can use to gain access to funding for your education, and it’s key to note that grants do not need to be repaid. Grants are programs that you can apply to if you meet specific criteria to get funds for your education. Grants may be awarded based on need or based on merit and your unique circumstances.  For instance, there are many grants that are available for those of a specific demographic, having faced unique challenges, and having thrived in spite of those challenges. You should do a search for grants that could benefit you if you want to gain access to some great, no-strings-attached funding for your college education.

Scholarships
If you want to fund your education with funds that you won’t have to pay back, then one of the best ways that you can spend your time is applying for scholarships. There are thousands upon thousands of scholarships available out there, and you can fund a large portion of your education with funds obtained through scholarships. However, this is not an easy method. It will require hard work and determination to make sure that you can win some scholarships and you’ll also need to show that you deserve the scholarships that you are applying for. 

Loans
If you are unable to fund your entire education with scholarships, grants, and private funds, one option that you always have is to take out student loans. These are funds that will be provided to you to pay for our education. However, unlike a grant or scholarship, these are funds that you will need to pay back with interest. Luckily, the government also strives to make student loans available to students at a friendly interest rate.  Obtaining a student-friendly interest rate might require you to fill out the Free Application for Federal Student Aid (FAFSA) to see how much funding you are eligible for. 

Work-Study
Work-study financial aid is one of the best types of financial aid because it is one of the few that recognizes the balance between working, studying, and paying for your education. A work-study program will allow you to work for the college, usually under a professor or instructor or another department on campus or for an off-campus non-profit organization, and get paid for doing so. In addition to the funds to pay for your education, you’ll gain quality experience working with a highly reputable professor or another manager on campus who could later be used as a valuable reference.