Student Financial Aid: Tuition Waivers and Scholarships

Student Financial Struggles

Tuition Fee Waivers

• A type of financial aid that waives a portion of tuition fees
• Typically offered to students who demonstrate financial need or merit
• Can be partial or full waivers, depending on the institution
• May have specific eligibility criteria, such as GPA requirements or community service
• Can be offered by institutions, governments, or private organizations

Scholarships

• Merit-based or need-based financial aid that does not need to be repaid
• Can be offered by institutions, governments, private organizations, or companies
• Types of scholarships include:
  • Academic scholarships (e.g. GPA-based)
  • Athletic scholarships (e.g. sports-based)
  • Creative scholarships (e.g. art, music, writing)
  • Diversity scholarships (e.g. minority, women, LGBTQ+)
  • Need-based scholarships (e.g. financial need-based)
• Application processes vary, but often require essays, transcripts, and letters of recommendation

Student Loans

• Borrowed money that must be repaid with interest
• Can be offered by governments, banks, or private lenders
• Types of student loans include:
  • Federal student loans (e.g. Direct Subsidized and Unsubsidized Loans)
  • Private student loans (e.g. from banks or credit unions)
  • Institutional student loans (e.g. from colleges or universities)
• Interest rates and repayment terms vary, but often have a grace period after graduation
• Borrowers should consider total cost, interest rates, and repayment terms before taking out a loan

Student Financial Struggles

Financial Aid Options

• Tuition fee waivers: partial or full waivers of tuition fees, offered to students who demonstrate financial need or merit, with specific eligibility criteria.
• Scholarships: merit-based or need-based financial aid that doesn't need to be repaid, offered by institutions, governments, private organizations, or companies.

Types of Scholarships

• Academic scholarships: based on GPA or academic achievement.
• Athletic scholarships: based on sports performance or athletic ability.
• Creative scholarships: based on artistic, musical, or writing talent.
• Diversity scholarships: based on minority status, gender, sexual orientation, or other diversity factors.
• Need-based scholarships: based on financial need.

Student Loans

• Borrowed money that must be repaid with interest, offered by governments, banks, or private lenders.
• Types of student loans: federal student loans, private student loans, and institutional student loans.

Federal Student Loans

• Direct Subsidized Loans: offered to undergraduate students with financial need, interest is subsidized during study.
• Direct Unsubsidized Loans: offered to undergraduate and graduate students, interest accrues during study.

Private Student Loans

• Offered by banks, credit unions, or other private lenders, with varying interest rates and repayment terms.

Institutional Student Loans

• Offered by colleges or universities, with varying interest rates and repayment terms.

Loan Considerations

• Borrowers should consider total cost, interest rates, and repayment terms before taking out a loan.
• Loans often have a grace period after graduation, before repayment begins.

Explore different types of financial aid options available to students, including tuition fee waivers and scholarships. Learn about the eligibility criteria, benefits, and providers of these financial assistance programs.