![]() Scholarships and grants, on the other hand, are not required to be repaid. When you take out a loan, the assumption is that you will repay it. Primary Differences Between Scholarships, Grants, and Loans To be eligible for a private student loan, you must establish your ability to repay the loan, which is usually done with the help of a cosigner. They typically come from state and federal governments, non-profit organizations, and educational institutions.Ī loan is a money that you borrow with the intention of repaying it within a time period set by your lender.įederal student loans, which are issued by the government, or private student loans, which are issued by non-governmental entities such as banks and credit unions, are available to students. ![]() Grants are gifts given to students based on their financial needs. Scholarships can be found from a variety of places, including schools, private corporations, foundations, and charitable groups. As of 2018-2019, graduate students can cover the cost of a single class or their entire college career. Scholarships are available in various amounts, but the average grant is $9,520 each year. Scholarship eligibility varies by scholarship program, and awards may be made on the basis of merit, talent, or academic performance. Let's start with some basic scholarship, grant and loan definitions.Ī scholarship is a monetary grant intended to be used for educational expenses. “How do you apply for student loans vs scholarships?' However, figuring out how to get them and how to combine them can be tricky. Scholarships, grants, and loans are just some of the ways you can raise money for your college education. Grants, Scholarships & Loans: What's The Difference Between Them? ![]()
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January 2023
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