Defining the Terms
Grants – Money that is applied for and does not have to be paid back. If the course of study is not completed, the money may have to be returned.
Scholarships – Money that is applied for and may be awarded based on financial need or merit. Scholarships do not have to be paid back, but may have to be returned if the course of study is not completed.
Loans – Money that is borrowed and must be paid back. There are several types of loans the range from least expensive (low interest rates) to most expensive (high interest rates). Depending on the type of loan, repayment may begin while you’re in school or may be delayed until after graduation.