Explore two options for financial assistance for studies at institutions of higher education?

Question: Explore two options for financial assistance for studies at institutions of higher education?

Here are two options for financial assistance for studies at institutions of higher education:

1. Scholarships: Scholarships are financial awards given to students based on various criteria such as academic merit, talent, or financial need. They do not need to be repaid and can cover tuition fees, books, and living expenses. For example, the Pradhan Mantri Uchchatar Shiksha Protsahan (PM-USP) Central Sector Scheme of Scholarship provides financial assistance to meritorious students from economically weaker sections to pursue higher education Central Sector.

2. Education Loans: Education loans are funds borrowed from financial institutions to cover the cost of higher education. These loans typically have favorable interest rates and repayment terms. For instance, the PM Vidyalaxmi scheme offers collateral-free, guarantor-free loans to students admitted to Quality Higher Education Institutions (QHEIs), with interest subvention support during the moratorium period.

These options can help students manage the financial burden of higher education and achieve their academic goals.