QuestionI know that a lot of the financial aid I can get from the federal government comes in the form of grants and/or loans. What's the difference between these two things?
A grant is a monetary gift (or "gift aid" as we call it) which can be in amounts ranging from the low hundreds to thousands. This type of financial aid is given to a student to pay for schooling costs and DOES NOT have to be repaid. A loan is also financial aid that can provide funds in the thousands for students to cover college costs. Loans, however, DO have to be repaid to the lender over time (often starting 6 months after graduation) and accrue interest during the lifetime of the loan.