What is the difference between a grant and a scholarship?
A grant is a gift and does not have to be repaid… a Loan must be repaid…usually after you are no longer in college on at least a half time basis. However, there are some grants that have some requirement atteched to it…such as community service. So, check to see if your grant has any strings.. 95+ have no strings and are a “gift”. Colleges usually award Stafford Loans…and they also have a small amount of Perkins Loan money to award the needy student who requires more money than the Stafford Loan, Scholarships, various grants, work study,, etc. that he can get. Under certain circumstances, this Perkins Loan can be partially or completely forgiven over a period of years. Check your college catalog for more info.
