Student Loans and Grants
Student loans and grants have always been a source of money for the needy students. A loan is the sum which a student has to return at all costs after a certain period of time. A grant is a sum which need not be returned because it has been given for the welfare of the student community. Grants can come in various forms such as maintenance grants and scholarships. Most countries provide their students with both of these.
Generally, loans are available to local students only because international students have no guarantee to return after they have studied at the university on loan. If local students do not return the money, they can be sued or some legal action can be taken against them but the same cannot be done to international students. Although, in some countries like the United States of America or Canada loans are available after the international student brings in a co-signer to which he or she is related.
This co-signer then undertakes that he will be responsible for the payment of loan if the particular student does not pay this loan. It should also be noted that this co-signer should be a permanent resident of that country and for the above mentioned countries this means that the co-signer has been living in that country for the past two years. Local students can get a loan. The term local has different meanings for different countries. For example in Britain, local student (in terms of loan payment) means students coming from the European Union or Britain itself. For other countries this can term can vary.
Student grants are available to local and international students both. Merit is considered for grants and on most occasions the brighter students qualify for grants while other students have to apply for loans. Scholarships are also a part of grants and these can include many types of scholarships. International students benefit the most from these grants because student loans and grants are very crucial for them. The fees of international students are usually three times that of local students hence international students should always apply for a scholarship before applying for a program at a particular university.
Loans should always be avoided by students because interest rates are high and loans can prove to be very hard to payback once taken. An intelligent student should always keep a look out for grants or scholarships which are awarded by various institutes and the government.
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