\( (1+1=2) \) 1.4 Discuss THREE financial assistance that are available to help Babalwa further her studies and state their obligations \( (3 \times 3=9) \)

To assist Babalwa in furthering her studies, there are several financial assistance options available. Here are three common types, along with their obligations: 1. **Scholarships:** - **Description:** Scholarships are financial awards given to students based on various criteria, which may include academic merit, financial need, or specific talents. - **Obligations:** Recipients may be required to maintain a certain GPA, participate in community service, or engage in extracurricular activities. Some scholarships may also require students to pursue a specific field of study. 2. **Grants:** - **Description:** Grants are funds provided by governments, institutions, or organizations that do not need to be repaid. They are often awarded based on financial need. - **Obligations:** While grants typically do not have strict obligations, recipients may need to demonstrate continued financial need or maintain satisfactory academic progress. Some grants may also require recipients to work in a specific field after graduation. 3. **Student Loans:** - **Description:** Student loans are borrowed funds that students must repay with interest after graduation or when they drop below half-time enrollment. They can cover tuition, living expenses, and other educational costs. - **Obligations:** Borrowers must repay the loan amount plus interest according to the terms set by the lender. This may include a grace period after graduation, during which no payments are required, followed by a repayment schedule. These financial assistance options can significantly alleviate the financial burden of education, but it is essential for Babalwa to understand the obligations associated with each type to make informed decisions.