mention and explain three forms of financial assistance for a student in higher education institutions
Mention and explain three forms of financial assistance for a student in higher education institutions
Scholarships: Scholarships are financial aids provided to students based on various criteria such as academic excellence, athletic abilities, or specific talents. These do not need to be repaid and can cover tuition, books, and living expenses. Scholarships can be awarded by schools, private organizations, or government entities.
Grants: Grants are another form of financial assistance that does not require repayment. They are usually need-based and are provided to students with financial constraints. Federal Pell Grants, state grants, and institutional grants are common types of grants available to help students cover their educational costs.
Student Loans: Student loans are a common form of financial assistance where students borrow money to pay for their education and later repay the loan amount with interest. These loans can be federal loans (subsidized and unsubsidized) or private loans. It is important for students to understand the terms and conditions of the loans before accepting them to avoid future financial burden.