Different Between Student Grants, Scholarships And Student Loans
I have been receiving questions about the difference between scholarships , student loans and student grants.
Even though these terms are not related, many students are still able to receive funds from the government and others are given federal grants to advance in education.
Some grant money are not to be paid back when you’re given this type of aid, for instance, the grants for graduate students; which many international students can apply for student grants from around the world.
There are many opportunities than before for the younger generation to make college possible by making use of student grants, scholarships and school loans to pay for their schooling. Some can be offered by private individuals or companies while others are offered by the government.
When accepting one of these opportunities, make sure you understand the company that is offering it and what your requirements may be regarding full or partial settle of the money given to you to complete your education.
Student grants usually money paid for tuition costs. Sometimes, grants may cover other expenses, such as class textbooks. Grants are money given that does not have to be paid back, after graduation. Most grants to students are issued by the government and are issued based on the financial status of the student or perhaps the students’ parents or guardians as outlined in their income tax statements.
In Nigeria, we don’t pay taxes and government grants for students are determined according to the parents’ income tax statements. The federal government of Nigeria provides the grant money to different schools to assist the students in higher education.
Student grants aren’t the same as student education loans. Loans must be repaid; usually the repayment starts a few months after graduation. In some cases, the re- payment of student loans can be postponed, such as during graduate school.
Also, during tough economic times suspension of the payments can be granted for about a year in order for the student to find a steady job before beginning to pay off the loans again.
Sometimes, scholarships are given by private companies or even individuals. Most students are able to attend school on academic or athletic scholarships. These scholarships, depending on the amount and the terms, can cover tuition and books as well as a living allotment provided that the student has enrolled in the university/college.
With some academic scholarships, each student is expected to do community service in order to maintain the eligibility for the scholarship funds given to them.
Each time a student is given a scholarship, they are usually expected to abide by certain academic and moral standards. Most students have lost the opportunity to receive scholarship for failure to keep up their grades and poor or unethical behavior during college. This could include on campus behavior, like cheating, or off campus behavior, including the use of illegal drugs.
Many students in Nigeria can be eligible for grants, loans and scholarships, but fail to apply for the scholarship or search for how to apply. I will recommend that you speak with a high school or university student counselor or even a federal funding officer on your campus.
Also, check out the available resources online and submit an application for possible free grants/scholarships to study abroad from Nigeria. With the cost of attending a university education ever rising, the grant money will allow you to get the education for a better life.
Do you have anything else to add to this article or have any questions? Leave your comment below.