Financial assistance is obtainable in different types to graduate students. Students can also acquire multiple aids or acquire a combination of loans and grants. Considering the available options as financial assistance and the wide spectrum for graduate students is a golden opportunity to make a bright career.
The different types of financial assistance that account as a wide spectrum are:
Grants: Grants are available to students from the government or via other private funding sources. Generally, government grants are issued to low household income students. These grants demand the students to show GPA throughout their career to enable them to receive the financial assistance. Normally, private grants also are available as scholarships, but have certain guidelines and so the amount also varies from one individual to another. The grants given in graduate school can be used for research, projects and travel as well.
Scholarships: Scholarships are awarded depending on the academic excellence. Students receive scholarships on certain factors such as field of study, ethnic background or financial need. The number of years and amount vary in this financial aid as well. However, the amount received as scholarship need not be paid back identical to grants that are not refunded. Scholarships are awarded for merit and talent and many private scholarships are also awarded by companies and organizations.
Fellowships: Fellowships are issued to graduate as well as post graduate students. These also need not be repaid. Private institutions, organizations or government issue fellowships and the amount varies as this is gives as stipend for 1 to 4 years or a tuition fees is waived off. Some schools also facilitate applying for fellowships so that the students are benefited.
Loans: Loans are awarded to students if required, but it has to be repaid. It does not come free as grant or scholarship. Loans are of many types and the interest rates as well as the repayment plans are vary. Banks offer student loans to college students and even private companies offer student loans, but the interest rates are higher.