What Is The Difference Between Financial Aid And A Student Loan?
A student loan is one of the many options you have to fund your education. The terms “Financial Aid” is used to broadly cover the following
- Scholarships
- Federal Grants
- Federal Work Study Programs
- Federal Student Loans
- Private Student Loans
We have detailed articles here at Studentelligence.com explaining each of the above at great length. Do take the time and go through each. If you are beginning to explore financial aid we recommend that you always look at scholarships and grants as your first option for funding your education. The reason we recommend this first is that scholarships and grants do not require to be paid back. The money you get as part of a scholarship or grant is yours to keep and to use for your education related expenses.
Most often you will find that only a portion of your education related expenses will be met by scholarships and grants. It is then that you need to look at federal student loans to cover the rest of the costs. Finally you should only turn to private student loans only when you’ve exhausted all other options listed. Good luck !!