In honor for National Financial Literacy Month, we’ve put together a breakdown of LAGS: loans, apprenticeships, grants, and scholarships.
Written by Esperanza Poquiz
Going back to school to further your education can be expensive. This list will give you a better idea of the financial resources you can use when you start your new career path in aviation, healthcare, or skilled trades.
With an apprenticeship you can earn and learn at the same time through job-driven, long-term training programs. Apprenticeships are essentially paid scholarships that provide hands-on training for skilled, high-paying jobs and can last up to five years. A majority of apprenticeship programs are paid with salary increases equivalent to most employed workers. Apprenticeships are given to those who are passionate, as it will do no good in the long run to hire one who has all the skills but is likely to leave after six months because they are not enjoying the work. According to AmericanProgress.org, apprentices tend to stay longer with companies that are willing to invest time and money into their career development.
A scholarship is a sum of money that is awarded to help provide financial assistance and support towards your education. There are many different ways to earn a scholarship, whether it be from excelling in sports to the talents that you have playing an instrument. Though you do not have to repay the earnings you receive from your scholarship, there are typically stipulations that come with making sure your scholarship is not taken away. Things like maintaining your grades at a certain grade point average (GPA) or internships/externships can play a role when it comes to keeping your scholarship. It’s important that you understand all terms and agreements when you apply for and accept a scholarship. Due to the competitiveness that comes with scholarships, be sure to stand out when applying!
Just like scholarships, grants are non-repayable funds that are gifted to someone looking to continue their education. Unlike scholarships, grants usually have less overall funding and no chances of “winning” the grant; the amount of money you receive is based on the result of your Free Application for Federal Student Aid. Grants are need-based aids, meaning that they are rewarded to those with a low income. Money typically runs out due to the high demand of grant requests. This means that filling out your FAFSA as soon as possible gives you a higher chance in receiving a grant.
A student loan is a popular option when it comes to paying for tuition. A loan is a lump sum of money advanced to students to pay for their education expenses. Unlike scholarships and grants, loans need to be payed back, typically with interest. Federal, state and private loans are some of the different types of loans you can receive. Ask your loan broker questions to fully understand all requirements of the loan contract. Making sure you understand all conditions and agreements will help ensure that you will not have any loan surprises when paying back your debt.
About Tidewater Tech
Tidewater Tech is a career training school that specializes in trade vocations including Auto Technician, Heating, Ventilation and Air Conditioning (HVAC), Building Maintenance and Repair and Welding. The school offers professional facilities, knowledgeable instructors, day or evening classes, job placement assistance, and is accredited by the Commission of the Council on Occupational Education (COE). Tidewater Tech is certified to Operate by SCHEV. Learn more at www.tidewatertechtrades.edu or like them on Facebook at https://www.facebook.com/TidewaterTech.edu/.