When it comes to funding your education, you have a variety of options available, but two of the most common choices are scholarships and student loans. Both can help ease the financial burden of higher education, but they differ significantly in terms of how they work and their long-term impact. Understanding the differences between scholarships and student loans can help you make a more informed decision about your financial future.
What Are Scholarships?
Scholarships are financial awards that are given to students based on various criteria, such as academic achievement, athletic ability, financial need, or a combination of factors. The key feature of scholarships is that they do not need to be repaid. This makes them one of the most desirable forms of financial aid for students.