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But know that while a loan is easier to get than a grant or scholarship, it has to be repaid, oftentimes with interest. There are two different kinds of student loans: federal and private.
In the college financial aid process in the United States, a student's "need" is a figure that colleges use when calculating how much financial aid to offer a student. It is determined by taking the college's Cost of Attendance , which current rules require each college to specify.
According to Citizens Bank, most students should start by filling out the Free Application for Federal Student Aid (FAFSA). Federal student loans usually have lower interest rates than private ...
These have much higher loan limits, usually enough to cover costs that exceed student financial aid. Payments start immediately after education ends, although prepayment is allowed. Credit history is considered; thus, approval is not automatic. Interest accrues during the time the student is in school. PLUS interest rates as of 2017 were 7%. [80]
A scholarship is defined as a grant or payment made to support a student's education, awarded on the basis of academic or other distinction. [1] "Scholarship" has a different meaning in the United States than it does in other countries, with the partial exception of Canada. Outside the U.S., scholarship is any type of monetary award to fund ...
In fact, the Department of Education has created an online tool that can help estimate how much a student will receive in federal financial aid – including Pell grants, loans and work-study ...
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