What is the difference between a grant, scholarship, and a loan?
A grant is a gift. It does not have to be repaid. A scholarship is an achievement award that is usually based on academic grades, abilities, skills, class rank, etc. Loans are funds borrowed by the student. Loans must be repaid upon completion of an academic program, with an interest charge and a time limit for repayment.
Related Questions
- International students aren really eligible for a sizable loan until their second year. Do they qualify for merit-based scholarship aid prior to their second year?
- Is the AATF Promissory Note & Scholarship Loan Agreement (Promissory Note Loan) a forgivable loan?
- Is Hillman considered scholarship or loan?
