What is the difference between student loans and grants?

Answer 1

AnswerGrant is a money that you have to apply for and it is given to you without paying anything back. Loans are money that you take from a bank and have to repay it back in a certain amount of time. Loans normally add interest, so u have to pay back a certain amount plus interest. In a college education you have to apply for grants and they are given to you normally by seeing your grades and extra efforts on college. The loans for students are normally a bit different than the others, because some companies have special offers of loans to students.

Answer 2

Loans, grants, and scholarships all have one thing in common:

It's money given to the student.

The only real difference between these is that (I think) loans must be payed back. Scholarships you do not need to pay back. Grants I was told you do not need to pay back.

Answer 3

The difference between qualifying for loans and grants is that loans you borrow money from a bank and in order to qualify you need to pay in the time they give you to repay, a grant is like a scholarship and in order to qualify you need a good GPA or write an essay.

Answer 4

Scholarshps: Free money you do not have to pay back. Many times in order to get this money, you have to submit an application. Scholarships come in many forms. They can come from athletics, acedemics, finanical need, having special circumstances. You can find a scholarship for just about anything, but you have to compete for them

Grants: Free money you do not have to pay back. A grant is an award from the federal government to an individual or an organization, or even a state or local government entity.

Loans: Money loaned to people by the banks. They must be paid back. These cause huge debts and leave huge interest rates

Answer 5

student loans are the loans you have to pay back during a certain time period. unlike grants. grants is money you get when you get a certain grade point average and a certain ACT score by the time you graduate from high school.

Answer 6

The primary difference is a loan must be repaid, usually with interest; While a grant does not have to be repaid.

Answer 7

A loan is where you borrow money. A grant is donated, free of charge. You never have to pay a grant back.