Education is sometimes a burden for most students. Everyone wants to achieve a valuable degree, however, for some the cost is sky high and if the student happens to be from a lower, middle class, then he is expected to give up all his dreams.

Well! thankfully, there are student loans and student grants that help such students, to achieve their desired goal of education. Before you go into understanding the different types of loan and grant schemes, you need to understand what’s the main difference between the two.

A student grant is actually an option for those students, who do not want to go into the horrible burden of debts for funding of their education. This is mostly granted by the Federal Government based on the merit of a student. The one thing that differs grant from loans is that grants don’t ever have to be repaid. A student studies at the expense of the government.

A student loan on the other hand is an option for parents and students to borrow money for their education, only to be repaid later on, if not directly at that time. It can always be done when the student is out of school and there are flexible options of repayment.

Though the student loan grant may seem quite easy, it does have its terms that needs to be followed. The Federal Pell Grant is one such program and the application can be obtained using the Free Application for Federal Student Aid (FAFSA).

There are some guidelines that need to be followed for the Federal Pell Grant:

• The grant will be awarded only to undergraduate students, who have not yet obtained a bachelor’s degree.
• The award amount will be given depending on the student’s financial needs.
• The amount ranges from $400 to $4050 per academic year.
• The date for submitting the application is from January 1st and June 30 for next academic year.

Other than the Federal Pell Grant, there is another scheme called the Federal Supplemental Educational Opportunity Grant or FSEOG. This grant is funded by the state or by the specific school that is awarding the degree.

There are also a few guidelines here that should be followed by students, along with keeping in mind that this loan is limited and they should apply by the earliest.

• Undergraduate students with exceptional financial needs are given the loan.
• The students who would meet the deadline of the Federal Pell Grant would be given priority.
• The application submission time period would be from January 1st to June 30th for the next academic year.

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