Brought to You by our Partners at College Ave Student Loans
Whether you want to enroll in college, graduate school, or career school, there are lots of ways to reduce education-related costs. From financial aid and proper budgeting, to tuition credits and tax credit programs, there are plenty of ways to pare down your costs before applying for federal and private student loans.
Scholarships, Grants, and Student Loans: What’s the Difference?
Scholarships are financial aid awards given to students who meet various criteria, while grants are funds disbursed by one party (like the government or a foundation) to a recipient (like a college or student) to help cover the costs related to a specific purpose (e.g. research or education). Both are considered “gift aid” and do not need to be repaid. The main difference is that grants are often need-based while scholarships are merit-based. Both are great ways to reduce your out-of-pocket education costs.
Student loans may be the first thing that come to mind when thinking of ways to cover education costs, but save them for last. You’ll need to pay loans back, so make sure you research available grants and scholarships before taking on student loans.
Different Types of Grants Available to Students
Grants are available for all levels of student from high school and undergrads to graduate and doctoral students. You can find grants that are specific to your state, discipline, student type, major, heritage, and more – there are financial aid categories for nearly everyone.
A great place to start is by exploring the federal grant programs. Federal grants should be one of the first areas to explore for students looking for financial aid assistance. Funded by the government, federal grants are instrumental in helping students pay for their education.
Our partners at College Ave Student Loans take an even closer look at how grants can help reduce college costs on their blog. Head over to their website to learn about Pell Grants (what they are, who is eligible, and how to apply), as well as non-federal grant options for students.
Read the full article here.