University education can be financially taxing, even more so for international students. Many students who cannot afford the full cost of college can earn their degrees with the help of financial aid. In fact, most full-time college students receive some kind of financial aid.
What is Financial Aid?
Any college funding that does not come from family, personal savings, or earnings is referred to as financial aid. Grants, scholarships, work-study jobs, and federal or private loans are all forms of financial aid. Most higher education expenses, such as tuition and fees, room and board, books and supplies, and transportation, can be covered with financial aid.
How does financial aid work?
Colleges, high schools, foundations, and federal-state agencies are all sources of financial aid. It is given after several factors are taken into account. Some forms of financial assistance require repayment, while others do not.
What is merit-based financial aid and how does it work?
Merit-based financial aid, also known as merit scholarships or merit awards, is the sum of money provided to students in recognition of their academic, athletic, and artistic accomplishments. Merit-based financial aid is usually renewable, which means you’ll get the scholarship every year as long as you meet the scholarship’s minimum requirements, for example: maintain a certain GPA. Mostly merit-based aid is awarded directly by colleges and universities, but not all colleges and universities offer them.
What is a need-based financial aid and how does it work?
Need-based financial aid is given to students who cannot finance their education due to monetary reasons. It is determined by the federal government’s discretion and the fees for your school. As a result, you may not be eligible for as much need-based assistance as you believe. A need-based financial aid could be in the form of a subsidized loan, or grants.
How can Rostrum Education Help?
Rostrum Education has a team of counselors who guide you with your college application process. Not only do we keep you informed and updated with all the deadlines for your financial aid application but we also help you with the process to make college affordable for you. Contact us for a free session today!
