When it comes to financial help for students’ education, there are various kinds of aids available. However, the most common ones that most of you are likely to have heard about are financial aid and federal student aid.
Let’s get to understand the difference between the two in this article.
Any financial assistance that helps students manage their educational expenses and pay for school or college education is considered financial aid. Various kinds of financial aids are provided to deserving students by the schools or colleges they attend and other non-profit or private organizations. These aids can come from a variety of sources like federal aid, state, school, college, and private sources to help you keep your educational ambitions alive and thriving.
The federal government offers federal student aid, and it is awarded based on student needs. Most states provide their students with various types of financial assistance based on their need to continue their school or college education. A school education scholarship ensures that the student completes his school education without facing any financial hurdle.
Various schools and colleges also offer scholarships that require students to meet specific basic requirements to avail it. The scholarships are offered based on both needs and non-need-based like academic, artistic, and athletic merit of the student. Thus, financial aid is offered by private or non-profit organizations, federal organizations, and state institutions. It helps meritorious students to pursue their ambitions and excel in life.
Federal Student Aid
Federal student aid is offered by the federal government and covers expenses related to school fees, books and supplies, transportation, and the cost of housing. Thousands of students across the country benefit from it every year. It can be awarded in the form of need-based grants, scholarships, work-study jobs, and loans. Most of these are offered considering the financial need of the student.
A financial aid provided in the form of a grant doesn’t need to be repaid, except in situations where you withdraw from school and owe a fee refund. There are a wide variety of federal grants available that can benefit various students.
Scholarships are a great way to help students pay for their college or school. To promote education among students and to reduce the drop-out rate at secondary or higher levels, various scholarships are offered to deserving students. It provides deserving students with financial assistance to continue their school or college education and ensure that their educational prospects and ambitions are kept alive and flourishing. A scholarship can make a substantial difference in helping you manage your school or college education expenses.
These programs are designed to enable you to work and earn money for your education. Students work part-time and manage their education fees. This type of support can allow you to become independent and self-sufficient.
Student loans refer to the money that you borrow to attend a college or career school. You need to repay the loan and the associated interest after a fixed period. Most federal student loans have lower fixed interest rates and flexible repayment options.
Thus, the department of education provides school, college, and graduate students with federal student aid in the form of need-based grants, federal student loans, and work-study benefits. So, federal student aid is similar to or comes under the financial aid that is provided by the federal government. Financial aid and grants are designed to help meritorious students. Over the years, it has benefited many students to pursue their educational endeavours and achieve success.