What's The Difference Between A Loan Grant And Scholarship

Grant money is usually need based based on your familys finances and their ability to pay for a college education while scholarships are generally merrit based based on a high GPA athletic. Dont get overwhelmed by the optionsor the costs of college tuitionbefore.

Understanding The Difference Between Scholarships Fellowships Grants And Loans

These key differences lie in three main categories.

What's the difference between a loan grant and scholarship. Student loans always need to be paid back while scholarships and grants do not. While all serve to aid students in paying off their college expenses some key differences and similarities exist between scholarships grants and student loans. The primary difference between student loans and grants or scholarships is the repayment factor.

Scholarships are usually awarded based on merit such as academic athletic or artistic talent. A student grant is different than both a loan and a scholarship. Grants are normally given to individuals based on financial need rather than on merit IE your GPA like scholarships are.

Repayment eligibility criteria and the application process. A grant can be considered as a type of financial gift to help you pay for college. Some scholarships may involve a need-based component such as the Gates.

Loans are the more commonly-used type of financial assistance. The difference between loans and a grant or scholarship is that theyre not free and need to be repaid with interest. Whats the difference between a scholarship and a grant anyway.

However they often have fewer requirements to qualify and are in greater supply so. Grants unlike loans do not have to be paid back to anyone. Grants like the Federal Pell Grant are usually awarded based on the students demonstrated financial need.

Scholarships and grants are sources of free money that can be used for a college education. Such need-based grants are usually awarded by the federal government state governments and colleges and universities.

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