What is the difference between grants and loans?
An example of an AI chatbot conversation about grants and loans differences.
Can you explain the difference between grants and loans?
Sure! Grants are funds that do not need to be repaid, while loans are borrowed money that must be paid back with interest.
What are some common types of grants?
Common types of grants include federal grants, state grants, and private foundation grants, often for education or research.
Are there any specific eligibility requirements for grants?
Yes, eligibility varies by grant but often includes factors like income level, project type, and organizational status.
Can I use a grant for personal expenses?
Typically, grants are designated for specific projects or purposes, not for personal expenses.
What happens if I can't repay a loan?
If you can't repay a loan, it may lead to penalties, damage to your credit score, and potential legal action.
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