<p>Hey guys.</p>
<p>This may sound like a stupid question, but I was wondering if someone could give me a summary of what work studies, grants and loans are. I get the basic gist of it, but I would like to know specifics. (Are there certain grants that I'll have to pay back? Do I have to pay interest with the loans? How does the work study process work?)</p>
<p>Thanks a lot. (:</p>
<p>i am not in college but i think i can answer this question.</p>
<p>grants are like free money. it is given to you by the govt and you do not have to pay it back.</p>
<p>Grants are a great way to subsidize your college education, because unlike student loans, grants do not have to be paid back. There are over a thousand federal grant programs in the US, offering more than $400 billion dollars worth of financial aid to students and organizations. The application process can be intimidating, but securing a student grant is like finding free money for qualified individuals. The only difference is, you've applied for it and earned it.</p>
<p>loans is money that you have to pay back. </p>
<p>College loans are similar to home loans, car loans or yacht loans—they are a debt that must be repaid to the lender with interest. The good news is that the federal government regulates the maximum interest that lenders can charge on federally guaranteed student loans, which makes them easier to repay than other loans. In addition, payment against these loans doesn't start until six months after the student graduates, or when the borrower is enrolled less than half time as a student.</p>
<p>work study is also from the govt and they give you money to work.</p>
<p>Federal work-study programs allow students who demonstrate financial need to earn money for their education. The size of each student's work-study award depends on several factors: application time, level of need and each school's funding. Jobs may be available working with professors within the campus community, or off campus with a nonprofit agency or public bureau, working for the public interest. Students often take jobs related to their individual field of study. At minimum, work-study students earn the federal minimum wage, and they often earn more (depending on the type of work, required skills and personal experience). When you apply for Federal Financial Aid through completion of the FAFSA, you can indicate that you want to be considered for work-study assistance.</p>
<p>Is it up to me whether or not I take the loan?</p>
<p>What if I'm qualify for a student loan, but I don't want it? Or is it a lot better to just accept it and pay it back as soon as possible?</p>
<p>@ haekim</p>
<p>You can deny student loans. However, if they are subsidized federal loans, I would highly take it. They offer better interest rates and you can pay them later after college graduation. Keep in mind when you deny loans, you have to come up with the money directly.</p>
<p>^
Okay, that's good, I guess.</p>
<p>The loans do help a lot, but I was just worried about how much they will add up to after four years + interest. But the way you put it, it does seem like a good idea.</p>
<p>Also, (sorry for the many questions), how do you get paid for work-study programs? Do the stores actually give you a check or something, or does the money go directly into an account to the college?
(Did that question make any sense?)</p>