Applying for student aid is never a fun process but the bottom line is that if you want or need money for college, you have go through all sorts of red tape if you want a chance to get government grants or loans.
If you are looking for jobs for college students, the chances are you also have some sort of a financial aid package. Student financial aid usually consists of a package of one to three types of aid. The first part can be grant money. A grant is free money that you do not have to pay back. Because it is free money, it is the most difficult to get. For instance, back to school grants and grants for moms are in high demand right now.
Another part of your package can be student loans. Student financial aid loans differ from regular bank loans because you get to borrow the money at a discounted rate. Where a regular loan may cost you 5% to borrow a thousand dollars, a student load many cost you only 3% to borrow the same amount of money.
The lower percentage rate of the loan is one part of the student loan that is nice. The other part is that student financial aid loans through the government let you defer your payments as long as you are taking a full load in school. Unlike normal loans that you must begin paying back as soon as get them, these loans do not have to begin being paid back until you finish school. This is called deferment. Also if you are in school with this type of loan, you can have your payments deferred for up to a maximum of 6 months after graduation. This gives you time to find a job before your loan payments begin.
Most of a financial aid packet is comprised of a student loan. The last is work-study and that is neither a loan nor free money. It means you have the ability to earn up to a certain amount during the school year working in a work-study job. So, what is the benefit of this offering you may ask, because you could get a job anywhere?
Many jobs that are available at a college or university are only available for students who have a work study package. That means if you do not have work study, you can’t apply for the job or will not get the job unless no one else with work study applies for it. As many students do have work study, the chances are that that type of job will only go to someone with it.
This work study option gives you job opportunities that most other students will not have available to them and it gives you an advantage in the job hunt. So, a student financial aid package may look something like this: a student is awarded $7,000 in student aid which consists of $1,000 in grant money, $4000 in loans at a set percentage, and $2,000 in work study for a total of $7000 in financial aid. Remember just because you apply for student aid does not mean you will get it. It also does not mean you will get aid in all three areas. Good luck applying for student aid and getting a job.