Purdue University has a strong tradition of assisting pupils fund their undergraduate training. The after definitions should assist students/families realize a number of the terms found in school funding programs.
Kinds of help
Grants: Sometimes known as “gift aid”, scholarships are educational funding that will not need to be earned or repaid cash central review through work and it is granted on the basis of merit and/or need.
Academic Loans: Loans are a form of “self-help” help that is lent cash to aid protect the expense of attending university and must certanly be paid back. Education loan programs provide low interest and so are perhaps maybe not paid back until after students graduate (or drop below half-time status). Parent loan programs provide moms and dads the chance to borrow to aid with academic costs.
Money Share Agreements: An ISA is just an agreement by which a student gets training money whilst in university in return for a consignment to cover an arranged portion of post-graduate earnings for the fixed period of time. One of the ways that an ISA varies from a conventional academic loan is the fact that pupil is not repaying interest regarding the total quantity funded.