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EDUCATION

5 types of financial aids for college students

Here are the top 5 types of financial aids for college students.

As the cost of higher education continues to rise, more and more students are dependent on financial aid to be able to attend college.

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In Ghana, the situation is no different and many students are in need of financial assistance. Luckily, there are various types of financial aid available to college students in Ghana. This article will explore the different types of financial aid available to college students in Ghana.

1. Scholarships as a Financial Aid For Students 

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Scholarships are perhaps the most popular form of financial aid available to college students. They are awarded to students based on various criteria such as merit, need, or a combination of both. Scholarships can be awarded by various organizations such as NGOs, government agencies, private companies, and educational institutions.

There are various types of scholarships that students can apply for. Some scholarships may cover only tuition fees, while others may cover other expenses such as accommodation and living expenses. The amount of money awarded can range from a few hundred cedis to full tuition coverage. Scholarships can be renewable or non-renewable.

2. Grants as a Financial Aid For Students 

Grants are financial aids similar to scholarships that are awarded to students based on various criteria such as merit, need, or a combination of both. However, unlike scholarships, grants do not have to be repaid. Grants are also awarded by various organizations such as NGOs, government agencies, private companies, and educational institutions.

There are various types of grants available to students in Ghana. Some grants may cover only tuition fees, while others may cover other expenses such as accommodation and living expenses. The amount of money awarded can range from a few hundred cedis to full tuition coverage. Grants can be renewable or non-renewable.

3. Loans as a Financial Aid For Students 

Loans are financial aids that are awarded to students based on their need for financial assistance. Loans must be repaid, typically with interest. Loans are often awarded by government agencies or private financial institutions.

There are various types of loans available to students in Ghana. Some loans may be subsidized, meaning that the government may pay the interest while the student is in school. Other loans may be unsubsidized, meaning that the student is responsible for paying the interest while in school. The amount of money that can be borrowed varies depending on the type of loan.

4. Work-Study Programs

Work-study programs are financial aids that allow students to work part-time while attending college. These programs are often awarded by educational institutions. Students are typically paid minimum wage for the work they perform.

Work-study programs can help students cover some of their college expenses such as accommodation and textbooks. They can also provide valuable work experience that can be beneficial for their future careers.

5. Bursaries

Bursaries are financial aids that are awarded to students based on their financial need. Bursaries are often awarded by educational institutions or private organizations. Bursaries are typically non-repayable.

The amount of money that can be awarded through a bursary varies depending on the student’s financial need. Bursaries can cover tuition fees, accommodation, textbooks, and other college expenses.