What constitutes a grant? And if you can be granted more than a single grant, why not? That’s a great question. I’m not going to give them a direct answer, but I’ll leave some of the details below.
First of all, let’s say you are given $5,000 for a year, which is a pretty generous amount of money for a student. Let’s also say you are given 5% of $5,000. So your total grant would be $1,500 ($1,000 x 5%). Not a bad deal.
Let’s say you are given a $10,000 grant, which is $5,000 divided by $10,000 = $2,500. That’s a $400 grant cut in half, in my estimation. In fact, that’s not a bad deal. It isn’t a bad deal because it’s far less money than you would have gotten had you not been given a free grant for the entire year. It only takes your $8,000 total total to reach a very, very good deal. But let’s face it.
Now let’s say we get a third party to help us with the paperwork. Let’s say it’s a bank, and we sign a loan agreement with them that gives them $8,000. That’s a great deal. Of course there are a few important things you should keep in mind. First of all, this is a new loan. We should already know the terms of that agreement, and we should know what the amount owed is. We also should keep in mind all the other terms and conditions that a business deals with (like income tax and capital gain taxes). So let’s get that in.
First of all, let’s say we don’t do our homework about the terms when signing any kind of loan agreement. Many contracts are written in such a way that it almost sounds like an automatic and easy thing to do. And some, at least in my experience, are written with the intent that you simply sign it and expect it to be a painless process. This is absolutely not true.
In fact there is only one place you should ever go to get proper legal help regarding this kind of thing: a lawyer. You cannot handle the paperwork yourself, and unless you have a good deal of money to blow on a lawyer for the length of time necessary to do this right (and then they are going to screw you), you’ll be stuck making that decision. I
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