Answer:
Grants:
How do you get the money? Grants are awarded to students based on financial need, academic achievement, or other specific criteria set by the grant provider. To apply for a grant, students typically need to complete the Free Application for Federal Student Aid (FAFSA) or other application required by the grant provider.
Why are you getting the money? Grants are designed to provide financial assistance to students who demonstrate a need for financial aid or meet specific eligibility requirements. The money can be used to cover tuition, fees, and other educational expenses.
Do you have to pay the money back? No, grants are typically considered gift aid and do not need to be repaid.
Scholarships:
How do you get the money? Scholarships are awarded based on academic achievement, talent, leadership, or other specific criteria set by the scholarship provider. To apply for a scholarship, students may need to complete an application, provide essays or letters of recommendation, and meet specific eligibility requirements.
Why are you getting the money? Scholarships are designed to provide financial assistance to students who demonstrate academic excellence, talent, or meet specific eligibility requirements. The money can be used to cover tuition, fees, and other educational expenses.
Do you have to pay the money back? No, scholarships are typically considered gift aid and do not need to be repaid.
Work study:
How do you get the money? Work-study programs provide students with part-time jobs on or off-campus. Students must apply for work-study by completing the FAFSA or other application required by the school.
Why are you getting the money? Work-study programs provide students with the opportunity to earn money to help pay for their educational expenses while gaining valuable work experience.
Do you have to pay the money back? No, work-study programs provide students with an opportunity to earn money and do not need to be repaid.
Among the three types of financial aid, scholarships are the most appealing to me because they are awarded based on academic achievement or talent, which rewards hard work and dedication. Also, scholarships do not need to be repaid, so I do not have to worry about accumulating debt. Additionally, scholarships can cover a significant portion of my educational expenses, allowing me to focus on my studies and achieve my academic goals without the burden of financial stress.
Step-by-step explanation: