Scholarships & Financial Aid

 A loan (needs to be paid back) funded by government or private lenders. 

Pros: 

• Provides Access to Education, creating opportunities. 
• Favorable Terms - federally funded loans tend to have lower interest rates 
• Flexible Repayment Options: There are various structures you can choose from to repay your loan over time
• Build your Credit and no Credit history needed

Cons:

• Accumulating Debt: This debt can take years to repay
• Financial Burden: The time and money it takes to repay can sometimes make a large impact on your “take home pay” and potentially delay life goals you may have, like buying a home or saving for retirement. 

Accrued Interest: Overtime interest grows on the money owed. Ensuring the loans you receive have the best terms you can afford. If payments are not made on time, this can affect your credit score which makes it harder for you to get things like future loans, credit cards, and makes you a “riskier” financial borrower.

“Free Money” awarded to you to pay for school.

Pros: 

• Financial Relief: Scholarships reduce your cost and do not need to be repaid! This allows you to focus on your education rather than having to work to cover your educational expenses. 
• Merit Recognition: Receiving a scholarship is a notable achievement. One you can put on a resume to highlight your dedication, talent, and skills. 
• Networking opportunities: Some scholarships offer built-in mentorship, alumni networks, internships, and more!
• Motivation and Pride: Winning a scholarship can boost your confidence in your abilities and motivate you to pursue academic goals. 

Cons: 

• The application process can be time consuming. 
• The application process can be highly competitive. 
• Potential impact on other forms of financial aid: being awarded a scholarship might affect your ability to qualify for other forms of financial aid. 
• Strict Guidelines: Some scholarships require you to meet certain educational requirements throughout your education. 
• Limited Coverage: Scholarships may not cover your full financial need. 

Programs that offer part-time jobs that work around student schedules. 

Pros: 

• Financial Assistance and reduces loan debt
• Gain relevant professional experience
• Flexible and Convenient: Often work-study positions offer flexible schedules and are located on campus for student ease. 

Cons: 

• Time Commitment: Working can take away the time you may want or need to study which can become overwhelming for some. 
• Eligibility and Availability: Not everyone will qualify for a work-study position. Often students will need to apply annually.