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What is the difference between a loan, a grant, and a scholarship?

April 26, 2017difference loan scholarship

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What is the difference between a loan, a grant, and a scholarship?

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A loan must be re-paid, and in some cases, will accrue interest immediately. A grant is a financial aid award that is based on financial need and does not need to be re-paid. A scholarship is a financial aid award based on excellence in a given area (such as academics or the arts) and does not need to be re-paid.