Types of Aid
Financial aid awards may include a combination of various types of aid. Each students situation is different based on financial need. The types of aid available for students attending National Aviation Academy (NAA), including grants, scholarships and loans.
What is a Grant
While you may understand what a loan is, it is important to understand about scholarships and grants and the difference between them. It is a good idea to learn about grants because they are a great way to finance your education. A grant is a fund that is given to people who need it. There are grants for all sorts of things including education. The government helps students go to school and they often do so in the form of a student grant. A student grant typically goes straight to the school and does not have to be repaid. To gain a federal gran students must be certain criteria. Click here for more information on Grants.
What are Scholarships?
A scholarship is essentially very similar to a grant in that it doesn’t have to be paid back, and while most educational grants are provided by either the federal, or state government, scholarships are provided by a long list of government, college, and independent third parties. Scholarships can range in value from only a few hundred dollars, to your entire cost of attendance. There are several scholarships available through foundations, religious and fraternal organizations and civic groups. NAA also offers a Charles E. Taylor scholarship available to graduating high school seniors. For a list of more scholarships click here.
Most students have heard of scholarships before, but very few have a firm grasp on how to approach applying for them. This process can be whatever you make of it, and the real truth is that getting a scholarship will depend heavily on your credentials as a student, and your willingness to put yourself out there to fill out applications.
What is the difference?
Most of the time, scholarships come from private resources. Scholarships may have a condition associated with it including writing an essay r maintaining a specific grade point average. Grants usually do not. Grants also come usually from the government, which is different than scholarships.
When you are planning for school and figuring costs, make sure to look at all methods of funding. Grants are often much easier to obtain than scholarships and they alleviate the burden associated with paying for your education.
Loans are borrowed money that must be repaid with interest. Low-interest loans are offered by the U.S. Government under the William D. Ford Direct Loan Program. Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligible students borrow directly from the U.S. Department of Education (the Department) at participating schools.
Federal Stafford Loans are offered in two forms, subsidized and unsubsidized. Subsidized loans are awarded on the basis of financial need and students pay no interest on the loan until they enter a repayment period 6 months after they have either stopped attending classes . Unsubsidized loans are not based on financial need and students are responsible for paying accrued interest throughout the life of the loan. Nearly all students are eligible to receive Stafford loans regardless of credit.
Additional loan types provided under the Direct Loan Program include Direct PLUS Loans (for parents) and Direct Consolidation Loans (to combine federal education loan debts into a single loan).
For information on Direct PLUS Loans for Parents click here. To see if you are eligible for greater loan amount please check the Independent Status guidelines.