Financial Aid
2 Jul, 2008 | General | adminGetting financial aid is crucial, especially for those who cannot afford to pay large sums of money to further their education. There are many financial aid programs for students to undertake. There are Government Student Grants, 529 College Savings and Prepaid Plans, Student Loan Programs, Work Study, ROTC Scholarships, and the State Financial Aid. Each program has their own requirements. The Government Grant are often merit-based grants and it is similar for the State Financial Aid. However, everyone can apply for the grants.
As for the 529 College Savings and Prepaid Plans, there are two main categories, namely the college saving plans and prepaid tuition plans. College saving plan is investing an amount of money in the form of mutual funds or other type of funds, to generate a higher return in the future to finance college studies. The Prepaid tuition plan is buying tomorrow’s tuition at today’s cost. Student Loan programs have four categories starting with Federal Stafford Loan, Federal PLUS Loan, Federal Graduate PLUS Loan and Federal Consolidation Loan. Work Study is only applicable for students who are working. ROTC Scholarships, also known as Reserve Officer Training Corps Scholarships, are only for the officers in the Army, Navy, Marines, or Air Force.
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