Answer:
Three types of financial assistance that can be applied for after Grade 12 are loans, grants, and scholarships if going into higher education.
Explanation:
Grants are money given to you by the government that does not have to be paid back. Usually this is in the form of a Pell Grant. For many grants, you must meet the requirements and you cannot apply for them but are considered by applying through FAFSA
Like grants, scholarships are free money and do not have to be paid back. You do not apply through FAFSA but local, state, national, and regional scholarship programs. Usually, you will have to obtain or write specific documents to apply.
Unlike grants and scholarships, loans are not free money. It is government aid that must be paid back after you complete higher education. This specific type of aid is one you should try to avoid. There are 2 components of loans: subsidized and unsubsidized. Subsidized are based on needs and do not accumulate interest while in school. Unsubsidized loans are the opposite. It is not based on needs and students must pay back the interest that the loans received.
