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Help for Single Mothers – Free Resource Guide
Written by: Arjun Collier – http://www.FinancialAidGuideforSingleMoms.Com/
The Difference Between A Hardship Loan And A Hardship Grant
The majority of students can get to grips with the terminology behind degrees and
the associated scholarships and grants extremely quickly. However, there are still
small elements of financial aid that cause much confusion and can really cause
problems when it comes to applying for money. The main culprit of this happens
to be the hardship grant. Many students do not know the difference between a
hardship grant and a hardship loan. This is understandable considering there are
many variations of both around and, although the hardship grant is also known as
federal hardship funding, it can certainly cause problems in the aftermath of the
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Coming from a low income family or experiencing financial hardship through the
stresses and strains of modern university life is never fun. It is easy to get into
extreme financial difficulty whilst taking an educational course these days as a
result of the expensive rents, books, other course materials and then also being
able to live. It often comes as no surprise when individuals say that they cannot
afford to eat because they have to spend so much of their hard earned cash on
books that they are expected to have. The education system does put too much
financial pressure on an individual and it is not fair. However, there is help at hand
if individuals do want to turn to the right people for it.
Funding and scholarship offices for every school and college will offer hardship
loans to help see students through the rough time. These students will be assessed
via the need based system but are not necessarily from low income family
backgrounds. As a result, they will only get a loan. This is a specific amount of
money that is lent to the individual student with a time frame for paying it back
placed on it. It is then up to the student to make a payment plan to return the funds.
Most colleges have this facility and it has caught on elsewhere too. It is important
that students try to stick to the payment plan because what started out as an interest
free loan can soon equate to a massive headache!