  |
|
|
|
This week, I would like to elaborate on the types of financial aid that are currently offered throughout the USA. I feel that I have really only covered grants, scholarships and loans, and I don't want everyone to think that these are the only three types of aid most prevalent or most available. There are various different types of aid given to students that qualify for it.
Gift aid can best be defined as aid that one never has to repay. Much like a card your grandma sends on your birthday with a five-dollar bill in it. You know that grandma never wants that five back. It is the same with almost all gift aid. The first type of gift aid is grants, which are given solely on a financial need basis. Some grants have other qualifications and assessment standards, but the majority judge eligibility by your current financial situation and demonstrated financial need. Most grants also require proof of your financial situation in the form of tax returns, mortgage receipts, and liquid assets etc. to help determine how much aid you qualify for. The award amounts range from $50 to nearly the cost of an entire college education, again determined by the organization offering the aid, and the expressed need of the student. The next type of gift aid is scholarships. These are defined as aid given to those who meet certain academic, physical or other special skill requirements. They have to be competed for, usually on an essay or application basis, and some on a physical or sports basis. Some sources awarding scholarships adjust the amounts of aid given depending on the students financial situation and need. Scholarships are designed to offset (if not completely pay for ) the costs of tuition, books, and other academically relevant expenses. Most scholarships are not designed to offset living costs. Scholarship-giving organizations do not require proof of income, but rather proof of capability. Another form of gift aid is fellowships. Fellowships are designed to help offset living expenses as well as relevant educational expenses. Financial need is not considered in adjusting the amount of the fellowships. The amount is usually preset by the facility offering it. Residential fellowships provide use of an institution's facilities and also help to offset other costs relevant to the learning experience. Dissertation fellowships are granted to academically proficient students while they write a thesis, and help offset living and academic expenses during this time.
The copyright of the article There's More Than Meets the Eye.... in Financial Aid is owned by Shauna Zamarripa. Permission to republish There's More Than Meets the Eye.... in print or online must be granted by the author in writing.
|
|
|
|
