Question

How is a student loan different from a scholarship?

Answer 1

Answer:

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. Instead, the scholarship money goes elsewhere: If a college offers you a scholarship that's a tuition discount, the bill that comes to you will have the scholarship amount credited. Or if you get a scholarship that's a book allowance, you might get a credit at the college bookstore. Independent or service organizations sometimes choose to write you an actual check, but these scholarship amounts are usually comparatively small.

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