Some Type of Financial Aid, Essay Example

I have recently discovered that more than a half all the students enrolled in college receive some type of financial aid. Financial assistance is primarily provided for students who are not able to pay for college on their own. Thus, they require some facilitation from the government or private individuals, like scholarships, loans, and federal work studies. All of them are essentially different, thus a student is required to fulfill certain requirements to receive one of them. Moreover, some of them have to be returned over the time, and some are given as an award.

Scholarships are primarily offered to students as an award for their achievements in academic or athletic areas. However, there are certain types of scholarships that are provided to minorities to increase the accessibility of higher education. Scholarships does not have to be repaid, thus it must be earned. A loan for education is provided by different state student loan authorities, which have considerably lower rates and longer repayment periods than regular banks. These loans must be repaid within a ten-year period of time, which starts right after a student graduates from college. Federal work study program involves part-time job co-financed by the government and college to let students earn money so they can spend them on education. This program predominantly includes community service work, as well as work closely related to students’ field of education. The salary can vary from a minimum one to higher, which can be granted depending on student’s experience and skills on a particular position. The payout type depends on when students apply for the program, their financial needs, and college funding level. Thus, students can be paid hourly or in the form of a salary.

All in all, lots of students calculate the approximate cost of their education depending on college tuition fee, books they need, and campus. Consequently, they have to choose which type of financial aid suits them the best and meets their academic needs. However, students have to think about it in advance to make it work for them.