What is the difference between a grant and a loan?
What is the difference
between a grant and a loan?
A grant does not
have to be paid back.
It is the best type of
aid you can receive.
A loan, on the other hand,
must be repaid with interestover a period of years.
Loans should be considered only
after exhausting other options- and borrow only what you need.
It is also important to
remember that while grantsare a great form of
financial assistance,they do require you to fulfill
certain responsibilities- such as staying in school and
meeting Satisfactory AcademicProgress.
You may need to
repay a grant if youreduce enrollment or
withdraw from all coursesduring the term after
receiving a grant disbursement.