what is the difference between student grant and loan?
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The main difference between a grant and a loan is repayment. A loan requires you to repay the money you borrow, whereas a grant does not. Grants may be awarded by government departments, trusts, or corporations and given to individuals, businesses, educational institutions, or non-profits. ...
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Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). ... Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need.
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Overview. Direct Stafford Loans are available to undergraduate and graduate students through the federal government. These loans have a fixed interest rate. ... Subsidized Direct Stafford Loans—The government pays the interest at different points during the life of the loan (for example, while you are in school).
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Before borrowing, make sure you have a complete understanding of your loans and their terms. Broadly, there are two types of student loans: federal and private. Private student loans are made by private lenders, such as banks or credit unions, while federal student loans are made by the federal government.
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The difference between a loan and finance is that a loan is cash, properties, or other material items offered to another party in return for the eventual repayment of the loan or principal value, together with interest or finance charges while finance is cash management and involves practices such as savings, borrowing ...
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Unsubsidized Student Loans are federally guaranteed loans that are available for students who desire to pursue education, but lack the financial resources to do so. These loans are not based on financial need. Interest on the unsubsidized student loans starts to accrue as soon as the loan is disbursed to the school.
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In contrast, private loans are made by private organizations such banks, credit unions, and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender. Private student loans are generally more expensive than federal student loans.
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Loans are a source of long-term financing (typically more than a year), whereas the advances are a source of short-term financing, that is, to be repaid within less than a year. The monetary value of an advance is usually less than that compared to a loan.
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A fixed-rate student loan offers a predictable monthly payment, with an interest rate that doesn't change over the life of the loan. A variable-rate student loan, on the other hand, has an interest rate that can fluctuate, increasing or decreasing compared with a similar fixed-rate loan, depending on market conditions.
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The big difference between a normal account and a student account is many of the banks will give you an interest-free overdraft. When you use an overdraft you're borrowing money from the bank, so an interest-free one is probably the cheapest way you'll be able to borrow money as a student.
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You will often find the terms scholarship, grant and bursary used interchangeably and in principle, they are the same thing – money that is given to you which you do not need to pay back. Where the difference often lies is the reasons why they are awarded, but even then, the lines are not clear cut.
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What Is the Difference Between Subsidized and Unsubsidized Loans? Federal student loans, unlike private loans, are either subsidized or unsubsidized by the federal government. ... Interest accrues on unsubsidized loans while you are attending school, during the grace period and during deferment.
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Scholarships and grants are both forms of student financial aid. Scholarships typically are based on merit, such as academic, artistic or athletic merit, but can also be based on financial need. Grants are typically based on financial need. How many college students in the US can pay for college without financial aid?
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Direct Subsidized Loans are available only to undergraduate students who have financial need. Direct Unsubsidized Loans are available to both undergraduates and graduate or professional degree students. You are not required to show financial need to receive a Direct Unsubsidized Loan.
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If you apply for financial aid, you may be offered loans as part of your school's financial aid offer. A loan is money you borrow and must pay back with interest. ... Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations.
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One of the biggest differences: The federal government pays the interest on subsidized student loans while you're enrolled in school, but with an unsubsidized loan, you have to start paying back the interest immediately.
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What Is a Student Loan? A student loan is money borrowed from the government or a private lender in order to pay for college. The loan has to be paid back later, along with interest that builds up over time. The money can usually be used for tuition, room and board, books, or other fees.