Today there are a variety of financial aid programs for disadvantaged students. Besides, some projects support them with the full cost, but some only support them for a part of the cost.
Why aren’t financial aid programs like work-study and military programs considered free money? And which solutions are right for you? Start learning right here.
Table of contents
What Kinds of Financial Aid Are Available?
Currently, there are five basic types of supports that are divided as follows:
Work-study
The fourth category is for students who want an extra job during their studies. They can do their jobs in sports facilities, cafeterias, houses or dormitories.
In addition, some students also choose to work at the student center or library to support their peers. They will also have less competition than when looking for outside jobs.
Military
The recipients of this final form of financial aid are diverse. They include veterans, reservists, and husbands or wives of those who have served in the military.
Scholarships
This type of grant is considered free because the recipient does not need to pay the supporter. The sponsors can be private organizations, and they have a sizable source of money.
Federal & Private Loans
These are two popular types of loans that many students choose. In it, they need to prove their financial resources.
In the form of a personal loan, they may need to have a relative’s signature to ensure they will pay back in full upon completion of their studies. This type also usually has a higher return rate than the first type.
In addition, for those who use federal loans, the government will help pay interest to students for the first six months after they graduate.
Grants
Continuity is a non-repayable grant that comes from states or government entities. Based on need or achievement, students will be awarded. Some popular assisstance include Pell or CAL in California.
Why Aren’t Financial Aid Programs Like Work-Study And Military Programs Considered Free Money?
In general, the most obvious reason is that recipients must work during or after they receive the funding.
Typically in a work-study program, students have to do some part-time jobs in the aforementioned locations.
Organizations like the government will pay, and students must work hard to receive it. It is not free that can be called debts.
In the military category, the answer is even more obvious when they will have to serve the army for the country for a very long time, even their whole life.
The most famous of these are the provisions of the GI bill. Depending on the length of service in the military, those who receive support will have different rates of tuition payments, ranging from 40 to 100 percent.
In short, doing their jobs is a prerequisite for them to receive these two types of scholarships.
Although not considered free, students will also have valuable experiences for future careers. Besides, military heroes also have the opportunity to participate in the most responsible but also meaningful work.
What Are Some Current Financial Aid Program Names?
Work-study
It is impossible not to mention the federal program that talks about this form. Depending on the number of working hours, students will be paid directly. In addition, the amount they earn does not exceed the sponsorship amount and is paid monthly.
Military
As mentioned above, Measure GI allows a military member to receive up to $17,500. Supported subjects must have served in the military for at least ninety days.
Federal & Private Loans
Undergraduates will have two types: Direct Unsubsidized or Direct Subsidized. A student who wants to receive a famous federal loan must fill out a FAFSA form.
Grants
There are many names in this form, such as Federal Pell, TEACH, or FSEOG. The first assistance is open to university students only. And the amount can be changed annually to more than 6,000 dollars.
For the second program, funding is $4,000 for a year, and students have to fulfill their teaching obligations.
Conclusion
After reading this article, readers must have found the answer to the question: “Why aren’t financial aid programs like work-study and military programs considered free money?”.
Assistance like work-study or military programs may not be called to give them free money. But, they can do their jobs, experience, and contribute a part of their personal energy to the general development of the school, society, and homeland.
