Purdue University features a tradition that is strong of pupils fund their undergraduate training. The after definitions should assist students/families realize a number of the terms utilized in school funding programs.
Kinds of help
Scholarships: Sometimes known as “gift help”, scholarships are financial aid that doesn’t need to be repaid or made through work and it is awarded on such basis as merit and/or need.
Academic Loans: Loans are a kind of “self-help” help this is certainly lent cash to aid protect the expense of going to university and must certanly be paid back. Education loan programs provide low interest and are also perhaps maybe maybe not paid back until after pupils graduate (or drop below half-time status). Parent loan programs provide the moms and dads the opportunity to borrow to help with academic costs.
Money Share Agreements: An ISA is just an agreement for which students gets training money whilst in university in exchange for a consignment to cover an arranged portion of post-graduate earnings for the fixed period of time. One of the ways that an ISA varies from a normal educational loan is the fact that pupil is not repaying interest from the total amount funded.
Federal Work-Study (FWS): FWS is just a federally funded help system made to assist students offset some training expenses through part-time occupations. Continue reading ?Financial help Definitions What does that mean?