are student loans and grants the same thing?

Question

1.whats the difference and
2.which should i apply for being a single mother?
3.are they easy to get approved for,
4.what all do they pay for?
i heard if your a single mother and in school the government will help you with bills (apartment, daycare) anyone know anything about this?

Answer 1

They are not the same thing. A grant is money that is usually need based or money that does not have to be paid back. Whereas a loan is going to have to be paid back and have an interest rate associated with it.

Generally when it comes to applying for them you can go through FAFSA and they will give you a package that can be all loans or a combination of loans and grants.

Also with a little hard work and talking to the college that you are looking to attend or your child is looking to attend there might be scholarships that no one really ever applies for. In my years at college there were numerous years where scholarships just were wasted because no one applied for them.

Generally the best way to travel down this path is to try to get scholarships first, send in the FAFSA application, talk to Student Financial Aid at the college and as a last resort go to loans. When the financial aid offer comes back you can accept all or part of it.

Generally the money from grants and loans can be used to pay for anything related to schooling.

Answer 2

No. students loans are various amounts which college or even high school and grad students can borrow from their banks or a financial aid lender to place toward their education, or even personal needs. Grants on the other hand is free money, that unlike student loans, does not have to be repaid. Grants are earned through excellent grades, community service involvements as well as general skills like excellent writing or drawing. I would suggest the grants because you do not have to repay those. You may however, renew them depending on the person or affiliation offering the grant. The loans vary for approval because if you go through the bank, your credit must be good so you will not be seen as a liability of not paying back. The grants are easy, because you just fill out an application form and follow the offerer's requirements for receiving the grant. The answer to your last question is a good one. I would suggest speaking with a financial aid advisor at whichever school you may be attending. If the loan/grant is for personal usages, I suggest speaking with a bank lender or doing some general research on the computer.

Answer 3

Student Loans and Grants are Not the same thing.

1. Loans must be paid back, while a grant comes without a payment obligation.

2. You should apply for both. If you get grants you can apply them toward costs, and may not need as many loans.

3. Approval depends on MANY different criteria. Your best option is to fill out a Free Application for Federal Student Aide (FAFSA). You can find this by doing a search for 'FAFSA.' Also watch for grants and scholarships offered by local businesses.

4. Depending on the Grantor, the grant may be item specific, like towards a computer, books, tuition, etc. Or it may be awarded for you to use as you see fit.

4. Check with your local Department of Human Services office. There you will have to fill out an application and meet with a case worker who will be able to tell you if you qualify for any of their services. - I got daycare help when I was a full time student, and only ended up paying $20 a week toward daycare that would have cost $165/week.

Answer 4

1. Loans are just that, loans. They must be repaid, usually at a low interest rate. Sometimes they are forgiven (you don't have to pay) if they are a certain type and you meet certain requirements.
Grants do not have to be repaid, you just have to have a financial need.
2. Apply for all. When you get your award letter, see how much assistance you are being offered. If you do not NEED to accept the loans, don't. Having the extra money now seems like a good idea, not so much five years down the road when you are trying to pay bills, buy groceries and repay student loans that you really didn't need anyway.
3. All you have to do is fill out a FAFSA, ask the Financial Counselors at the school you wish to attend for assistance.
4. The money will be paid directly to your school for tuition and fees. Any money left over comes to you, which you can use for books, parking, daycare, rent, whatever.

Answer 5

1.whats the difference and

A student loan is just a loan, money that you have to eventually pay back. Usually with student loans, you don't have to start paying back until 6 months after graduation. A grant is basically free money.

2.which should i apply for being a single mother?

If I were you I would first apply for financial aid, which is free money. If you don't get financial aid, apply for a student loan. But either way make sure you apply for lots of scholarships. I'm sure that there are lots of scholarships just for single mothers.

3.are they easy to get approved for,

Student loans are pretty easy to get approved for. BUT if you want to apply for a federal student loan, where the government pays the interest while you are in school, you need to apply for financial aid. That way, if they don't give you a grant, you can still get a federal loan. But you can also get a regular student loan from a bank, it's pretty easy as well. Took me about a month from when I first applied for my loan to actually getting the check.

4.what all do they pay for?

I heard if you're a single mother and in school the government will help you with bills (apartment, daycare) anyone know anything about this?

I think there is a government program for that, I don't know what it's called though. You can always talk to the financial aid office at your school.

Good luck

Answer 6

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Answer 7

There is Definitely a Difference.
1. Grants (and scholarships) are funds that do not have to be paid back, student loans must be paid back with interest.
2. Fill out your FAFSA first. This will immediately put you in line to receive Pell Grant money. Pell Grant is a Federal Grant based on financial need (how poor you are). The max you could receive from the Pell Grant is $4050 for this year. But, more importantly, the FAFSA will tell you your EFC (Expected Family Contribution). This is essentially the government's opinion of how poor you are; and the poorer the government says you are, the more financial aid you should receive. As a single mother, they will probably say you are rather poor. The EFC will put you in line for state grants and will probably be used to determine your elligiblity for any need-based grants and scholarships that your school works with.
3. Start with FAFSA, then talk to Financial Aid Advisors at schools you are interested in.
4. Each school decides its own COA (Cost of Attendance). It determines this amount based on the price of tuition, books, room, board, and some miscellaneous and travel expenses. You should be able to find enough financial aid (between grants and subsidized or low-interest loans) to cover the whole Cost of Attendance; then, how you spend that money, is largely up to you as long as you are a student. Loans and grants will be sent to the school, and you can withdraw that money to pay for your rent or daycare.

I don't know if there are specific aid opportunities for single mothers, but you should have a low EFC and will probably find the aid you need.

Answer 8

Loans and grants are not the same.

1 - you are required to pay back a loan. The same requirement does not exist for grants. They do not need to be paid back.

2 - Anyone should start with grants first then move on to loans.

3 - Different grant and loan programs have different requirements and qualifications. It's hard to say which ones are necessarily easier or harder to get. A lot depends upon your specific circumstances and the type of grant or loan you're seeking to obtain.

4 - Again, depending upon the grant or loan, how you use your money may or may not be restricted. Certain loans are only for educational purposes. The same goes for grants.

I'm not sure of your last inqiury but if you reach out to your local government and other public agencies they can certainly point you in the right direction so you can find the information you need.

Good luck!

Answer 9

1. A student loan is simply a LOAN and has to be paid back with interest. A grant does not have to be paid back, but you must qualify to receive the money.

2. Remember that loans WILL have to be paid back -as a single mother I would NOT advise a loan unless absolutely necessary to complete school. Apply for any grants you can ! The schools financial aid office should assist you with this. Call them and they will be glad to help you.

3. Both are fairly easy to get approved for, and as a single mother with (I am assuming) a low income household I am sure you would qualify for most grants. Remember most grants require you to attend a certain number of hours per quarter in school.

4. I do know there was a program that helped with daycare costs-this could be checked via your local health department, human resources department. You could also qualify for food stamps if necessary.

As you are a single mother seeking education and are apparently trying to provide well for your children, I commend you on your efforts and wish you the best of luck !

Answer 10

1. Student loans have to be repaid; grants do not.
2. Apply for all the grants that you can; apply for a loan to cover the difference, if necessary. They'll often adjust the loan amount to only what you need so you don't end up over your head.
3. If you qualify, neither are difficult to be approved.
4. Grants sometimes come with stipulations (maybe only paying tuition costs, for example). Check them out before applying. Loans will cover most educational costs as billed by the school.