What are the differences between grants and loans?
An example of an AI chatbot conversation about the differences between grants and loans.
What are the differences between grants and loans?
Grants are funds that do not need to be repaid, while loans are borrowed money that must be paid back with interest.
Can you give me examples of each?
Sure! An example of a grant is a federal Pell Grant for students, while a common loan is a student loan from a bank.
Are there specific eligibility requirements for grants?
Yes, grants often have specific eligibility criteria, such as financial need or being part of a certain demographic.
How do I apply for a grant?
You can apply for grants through various organizations, often by submitting an application that outlines your project and needs.
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