Grants, Scholarships and Loans: Which Option Works for You

By Esperanza Poquiz and Jul DeGeus

Going back to school to start a career in the field of aviation can be costly. Looking into your options before starting could help ease the financial stress that comes with furthering your education. Below you can get a general idea of some of the options that are available to you:

Scholarships: 

What is it?

A scholarship is sum of money that is awarded through academic and extracurricular achievements.

Things to know:

  • Things like winning an essay contest or getting a certain grade point average (GPA) are some of the ways that you can earn a scholarship.
  • Scholarships are non-repayable.
  • Earning a scholarship can require commitments like upholding a certain GPA or joining internships/externships.
  • Applying for a scholarship can be competitive, so be unique and stand out from the rest of the applicants when submitting your application.

Grants:

What is it?

Grants are need-based aids. This means that grants are only gifted to those who need assistance due to circumstances, like low-income.

Things to know:

  • You cannot “win” a grant.
  • Your Free Application for Federal Student Aid results determine the amount of money you can receive.
  • Grants, like scholarships, are non-repayable.
  • Grants tend to have less overall funding than other financial aid options.
  • Due to the high demand of grant requests, funds do not last long. A way to provide a higher chance at receiving a grant is by filing for FASFA as soon as possible.

Loans:

What is it?

A student loan is an amount of money advanced to students to help pay for education expenses.

Things to know:

  • Loans are the more popular choice for financial aid.
  • Unlike scholarships and grants, loans have to be payed back, usually with interest.
  • Some different types of loans include federal, state and private.
  • Make sure you fully understand the terms and conditions. If you are unsure about something in your plan or have questions, you can always ask your loan provider.

Keep these options in mind when you’re thinking about jump starting your future career. To learn more about our programs offered here at Aviation Institute of Maintenance, click here.

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