What is the difference between grants, loans, and work study?
Grants are typically a form of financial aid that does not have to be repaid. They are usually provided by the government or institutions based on financial need.
Loans, on the other hand, are borrowed money that must be repaid over time, typically with interest. The borrower is usually required to start repaying the loan after a certain grace period.
Work-study is a form of financial aid that provides students with part-time employment opportunities to help pay for their education expenses. The money earned through work study is typically used to cover educational costs or living expenses. Work-study programs can be funded by the government, institutions, or private organizations.