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What are the benefits of scholarships over loans?

I qualify for many scholarships and loans, but which ones should I focus on? #scholarships #loans #financial-aid #college

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Julianne’s Answer

When you apply for a loan, you are borrowing money. When you finish college, you will be responsible to pay the loans back plus interest. Scholarships you are not responsible to pay back. Therefore, focus on applying for scholarships. Then if you need additional financial assistance, research loans (preferably with a low interest rate).
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Gopi’s Answer

Agree...focus on scholarships as loans need to be repaid over a period of time and accrue interest. Good luck!
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Jan’s Answer

You definitely want to focus on scholarships first as this is basically free money to go to college. Student loans must be paid back.
Of course, there will be requirements for you to maintain your scholarship, ie. maintain a specific GPA and possibly attending weekly study groups and other activities (depending on the scholarship). There are a lot of different scholarships out there beyond just academic, even if you're not top of your class. There are scholarships geared towards extracurricular activities, children of employees of different corporations as well as diversity based scholarships. I would recommend talking with a counselor at either your high school or your university of choice to get their guidance as well.
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