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.