• What is the different between a grant, a loan, and a scholarship?

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    • A Grant is money given to you, usually, based on need to pay for college.  You do not need to pay this money back
    • A Scholarship is money given to you by an organization, or institution to pay for college.  The criteria used to decide how a scholarship is awarded varies.  Many are based on need, or merit, but they can also be based on race, ethnicity, gender, geographical region, prospective major, etc.  Most scholarships you do not need to ay back, however there are some scholarships that require you to work a set number of years in your field in order to pay them back; an example of this is the Teaching Fellows scholarship.  
    • Loans are monies borrowed from the federal government and/ or a lending institution; these have to be paid back with interest.  Loans come in two forms , subsidized and un-subsidized.  A subsidized loan is a loan where the government, or lending institution, does not start charging you interest on the money borrowed until you are no longer in school.  An un-subsidized loan is a loan where the government, or lending institution, starts charging you interest the day that the money is issued to you.
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