How can I compare grants, scholarships, and student loans?
Start by classifying each option by whether repayment is required, then compare the amount, payment or borrowing period, what costs it can cover, and the eligibility and renewal conditions. For repayable scholarships and education loans, include interest and fees, when repayment begins, the monthly payment, any guarantee requirement, the total amount repaid after graduation, and the resulting household burden.
Key points
- Grants are generally non-repayable; confirm the repayment terms for loan-based scholarships and education loans.
- Compare when funds are provided, how much is available, whether tuition and living costs are covered, and any renewal or academic conditions.
- For borrowing, check the interest-rate type, fees, repayment period, start date, and total repayment amount.
- Also check whether options can be combined and whether receiving one affects eligibility for other support.
Things to check
- The term “scholarship” may refer to either non-repayable aid or a loan, depending on the program. Check the official information from the university, local authority, or provider for current requirements and deadlines.