Many times student’s apply for financial aid and do not pay attention to the paperwork. Sometimes, they automatically assume that the money given to them is a grant or scholarship. But that may not be the case in all areas.
About Financial Aid | Why Students Should Pay Attention
Students should have an experienced adult, a counselor, or teacher to not only help them with the process, but make sure that they are accepting the correct financial aid that works for them.
A grant or a scholarship is money that is given to the student to pay for education that does not have to be paid back. Each one has different stipulations so be sure to research the terms and conditions.
A loan is money that is given to the student to pay for education that has to be paid back with or without interest.
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Work study is a program usually hosted by the college, where the student is given a job on campus and the hours worked will help pay for tuition at the school.
Be sure students and parents pay close attention to all types of financial aid applied for and received. We don’t want them to accept money that they don’t need and have to pay back later. Take the time to help students beforehand and during to help them navigate the financial aid process.