Question

How is a student loan different from a scholarship? A student loan must be paid back, but a scholarship is not paid back. A scholarship must be paid back, but a student loan is not paid back. A student loan is a form of financial aid, but a scholarship is not. A scholarship is a form of financial aid, but a student loan is not.

Answer 1

Scholarships are generally granted in the same fashion as student loans. Whereas a student loan check is often cut directly to you, the student, you're not likely to ever lay eyes on your scholarship money. Student loans are usually paid out in one lump sum at the start of each school year or semester.