Grants vs. Loans, What You Should Know
Finding options to pay for school can be daunting, especially when trying to decide which option is best for you. We want to help make it easier for you by eliminating any confusion regarding loans and grants. Both are great options to pay for school but have different requirements that are important to consider.
What is a student loan?
A loan is money you borrow and must pay back with interest.
- You can receive a loan from the federal government or private sources like a bank or organization.
- Degree level can impact the amount you can obtain for a loan. Research the maximum loan amounts for both federal and private – they may vary.
- There are different types of loans, interest rates, and terms and conditions. Make sure you investigate your loan options.
How to apply for student loans
- Complete the free application for FAFSA. You might get a call from the Department of Education for verification.
- Complete the admissions process with CCU.
- Once awarded financial aid, you will get an email from CCU with details regarding your financial aid awards.
Not only do we have a step-by-step process you can go through for how to apply for financial aid but you can also contact your enrollment counselor for help!
What is a student grant?
A student grant is a source of money that does not generally have to be repaid, unlike a student loan.
Facts about student grants
- You can receive a grant from the federal or state level, your university, or a private organization.
- You may be eligible for a variety of grants – so do your homework and see which one works best for you.
- Grants are generally only for students that have a financial needs. Your personal financial need will need to align with the grant’s financial requirement.
- There are some instances where you will need to repay a grant. These can be early withdrawal from your program, a change in your enrollment status, use of outside scholarships, or receipt of a TEACH Grant.
How to apply for student grants
- Complete the free application for FAFSA. You might get a call from the Department of Education for verification.
- The complete admissions process to CCU. All applicants will be in consideration for academic awards and scholarships.
- Once awarded financial aid, you will get an email to log-in to Self Service Financial Aid and view your awards.
- Look into private party grants through private organizations to see if you can qualify for any more financial aid.
References:
Federal grants are money to help pay for college or career school. (n.d.). Retrieved August 18, 2020, from https://studentaid.gov/understand-aid/types/grants
Federal student loans for college or career school are an investment in your future. (n.d). Retrieved August 18, 2020, from https://studentaid.gov/understand-aid/types/loans