Purdue University includes a tradition that is strong of pupils finance their undergraduate training. The after definitions should assist students/families realize a number of the terms utilized in school funding programs.
Forms of Aid
Grants: Sometimes called “gift help”, scholarships are educational funding that will not have to be repaid or received through work and it is granted on such basis as merit and/or need.
Academic Loans: Loans are a form of “self-help” help this is certainly lent cash to simply help protect the expense of going to university and must certanly be repaid. Education loan programs offer low interest and so are perhaps not repaid until after pupils graduate (or drop below half-time status). Parent loan programs provide moms and dads the chance to borrow to aid with academic costs.
Money Share Agreements: An ISA is an agreement for which students gets training money whilst in university in return for a consignment to cover a decided percentage of post-graduate earnings for a number that is fixed of. A proven way that an ISA varies from a conventional academic loan is the fact that pupil is not repaying interest regarding the total quantity funded.
Federal Work-Study (FWS): FWS is a federally funded help system built to assist students offset some training expenses through part-time occupations.