what is the diffrence between student loan and a scholarship?
2006-11-04 09:17:28 · 16 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
Scholarships are harder to get- you have to apply, most times write an essay and be very exemplary for someone to want to give you a scholarship.
Why? Because a scholarship is free money, a gift. Money to go to school, pay for books, etc.
Loans you also have to apply for. First fill out a FAFSA form. These you pay back everything and interest on them. This is NOT free. You pay for loan money.
Loan money is designed to pay for everything that grants and scholarships don't cover.
2006-11-07 04:10:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Student loans are a type of debt that must be repaid. Scholarships are generally money that does not have to be repaid, but might have some "strings attached." For instance, you might have to maintain a certain gpa in your school program, stay enrolled in a specific degree program, play sports, etc. to keep the scholarship money.
There are, however, some scholarships out there that do not have strict eligibility requirements or specific uses for the money.
FreeCollegeScholarships.net is a good example of a scholarship that has few requirements and can be used for any educational purpose. The two main requirements are that a registrant must be over 18 and a permanent resident of the United States.
The next $10,000 FreeCollegeScholarships.net drawing will be held at the end of this month, and it only takes a few minutes to complete:
http://www.FreeCollegeScholarships.net
2006-11-06 18:38:17 · answer #2 · answered by cardsbyjesse 2 · 0⤊ 0⤋
student loans have to be paid back, scholarships don't.
Most everyone is eligible for loans, scholarships have lots of stipulations that make many people ineligible.
Most loans come from a bank or the government, scholarships can come from anywhere including the school and private organizations.
2006-11-04 19:49:18 · answer #3 · answered by Dee 4 · 0⤊ 0⤋
A student loan you have to pay back, A scholarship is a gift.
2006-11-04 17:19:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You have to pay back a student loan, not a scholarship.
2006-11-04 17:18:20 · answer #5 · answered by Anonymous · 2⤊ 0⤋
the difference of a student loan and scholarship is that in a scholarship you don't pay for anything for education while a student loan is when you borrow money to pay for your tuition and you must pay for it in a certain time with an INTEREST.
2006-11-04 18:54:45 · answer #6 · answered by John Patrick Aldrine A 1 · 1⤊ 0⤋
Scholarship means you dont have to pay the money back. Same thing with a grant. However, student loan is basically a guarenteed loan to the student and you will have to paay it back after you graduate.
2006-11-04 17:21:33 · answer #7 · answered by roncho 4 · 1⤊ 0⤋
Big difference a scholarship is earned by good grades or good sports and you don't have to pay it back......
A student loan is exactly what it says a 'loan' you have to pay it back and it takes years unless you have a great job and pay large payments!
2006-11-04 17:26:36 · answer #8 · answered by TRUE GRIT 5 · 0⤊ 0⤋
With a scholarship you have to somehow qualify (normally by writing useless essays) to win money that can be used for your college tuition and possibly books. The giver can limit how you can use it, why, when etc. With a loan you take the money and you can really use it for anything but when time's up...you gotta pay.!
2006-11-04 17:26:02 · answer #9 · answered by Patricia R 2 · 1⤊ 0⤋
You have to pay back a student loan, you do not have to pay back a scholarship.
2006-11-04 17:18:53 · answer #10 · answered by nikkimccarty 3 · 1⤊ 0⤋