How do work-study, student loans, grants, etc. work ( please give a good answer,thanks)?

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8 Responses to “How do work-study, student loans, grants, etc. work ( please give a good answer,thanks)?”

1. babybabu88 on: 24 June 2009 at 5:32 pm

   I have had all but grants

   Work study- The school calculates a dollar amount, this amount will equal a scholarship you have the entire year to EARN by working. Lets say the school awards you 5,000 in work study. You have an entire year to earn 5000 at your work study job. Once all your pay checks add up to 5000, your money is finished.

   Doesnt effect your credit, and you do not pay this back

   Student Loans- There are various types of student loans. The main thing is, this money will need to be paid back. Using info from your FAFSA the school determins how much money you need, they then divide this number equally among but many quarter/semesters you have. Usually it will automatically pay tution 1st, and any left overs are given to you.

   This money must be paid back and will effect your credit

   Grants- This i’ve never gotten, but it is money that is given to you, like a scholarship, and you do NOT have to pay this back! BUT this WILL effect your EFC (estimated family contribution) which is calculated by your FAFSA. Because you must report grants as a “contribution” of money towards college, the school will take money AWAY from your LOAN, since loans are need based.

   Grants are usually VERY need based.

   Hope this helps!!! (^_^)
2. ddamille on: 24 June 2009 at 5:32 pm

   All you have to do is fill out a Free Application for Federal Student Aid (FAFSA) form. FAFSA can open doors to federal grants, loans, work study programs, scholarships, and state funds (available in California, Hawaii and Oregon). And, if you qualify, the money you receive can be used to cover school expenses, like tuition, fees, books, supplies, and transportation. Find out if you qualify for FAFSA today.

   Then, research the financial aid options available to you

   Grants are funds that are typically awarded based on financial need, and they don’t generally have to be repaid.
3. Jenn P on: 24 June 2009 at 5:32 pm

   Work-study is when the university you are attending sets you up with a job from which they take your pay to pay your tuition. Student loans are just that. They are loans given only to students to finance their education. They have to be paid back after graduation. Grants are like free money. They are monies given to students to finance their education. They do not have to be paid back. They are like a scholarship but more based on financial need than merital achievements. To apply for financial aid in the US you should see your school’s counselor or financial aid department and find out about FAFSA.
4. Kate on: 24 June 2009 at 5:32 pm

   Grants are the best because you don’t have to pay them back.
   Look up grants online and see which ones you qualify for and go for them.It pays off because you don’t have to pay them back.

   Loans unfortunately you have to pay back. You pay loans back 6 months after graduation.
   Federal loans are the loans you pay back 6 months after graduation.

   Private loans are a small more hard. With a private loan you will need a cosigner and your cosigner must have excellent credit.

   If you do apply for a private loan, please please make sure that you know when exactly you are going to graduate because they want their money back.I made the mistake of putting that I will graduate in 05 and I am stuck paying this loan back and I’m still in school! So please make sure you know exactly what year you’re going to graduate.

   Work study is basically a job you can get on campus and you earn money towards your tuition.So for example you can work at the school library and earn money and use it to pay off school expenses or pay for school supplies with it.
5. krazycatlady420 on: 24 June 2009 at 5:32 pm

   Okay, grants are money that the government awards certain people who need it. It does not have to be paid back. A Pell Grant is an example of that. Student loans are loans that are awarded to students to pay for college expenses. There are many different types of loans. One of the most common are Federal Stafford Loans (non subsidized or subsidized). Subsidized means that the government pays your interest every month as long as you are still in school. If you are awarded a non subsidized loan, than you must pay your interest while you are in school. But, you do not have to pay your loan back until usually 6 months after you graduate. Work-study program is also awarded to those who qualify. Basically you can get a job through your school and the government pays your paycheck. Hope that helped.
6. John D on: 24 June 2009 at 5:32 pm

   Student grants give you money to pay for classes and books. Nice thing is you don’t have to pay them back. Terrible thing is they are hard to find in large cash payouts and harder to get a hold of the money.

   Loans are just that they stay low interest till you graduate, then they kick in to a higher percentage. I heard of some people paying for 10 years after they graduated. Excellent luck.
7. Addison on: 24 June 2009 at 5:32 pm

   Are you concerned that terrible credit will prevent you from going to college? While it is right that finding student loans with brilliant interest rates is simpler if you have a sterling credit rating, terrible credit student loan aid is possible.

   http://www.worldbestloans.com/student-loans.htm

   Terrible credit student loans are also possible if your parents have better credit than you do. In this case, a PLUS loan, which is granted to parents and not to the student, might be the way to go.
8. Helen on: 24 June 2009 at 5:32 pm

   Hello,

   I live in the US and i really have never seen goodness shown to me this
   much in my life as i am a struggling mum with three kids and i have been going
   through really rough times in my life and my name is Helen
   Peters and in all this hard times, a worse incident occured in my life as i
   lost my job which was my only means of survival and things became really terrible as
   i had bills to pay and my last son suffered a knee injury incurred when he fell
   from a tree house and the doctors informed me that he needed a surgical
   operation for his knee so he could walk again and at this point, life was
   useless to me as i have no family and no one to run to and each night, i will
   sit down and weep till the break of dun until one day, i read an advert on yahoo
   answers of man that stated that he could help people in my shoes with loans and
   in my desperate situation, i had no choice but i had to try and so shocking and
   suprising, it was like an impossibility becoming a reality, i got a loan of
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   and thank GOD it was successful and now, i am okay and living in comfort with my
   kids and i said to my self, i have never ever seen this kind of wonder in life
   and i chose i will tell it to the whole wild world and i need every one to
   thank GOD for Mr Patrick Harvey, the man GOD used to rescue me and my family
   even when all hope had been lost and gone and i will say to every one, no matter
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   via patrickharvey12@yahoo.com and i want you all to pray for this man for me.