With all of the different ways to pay for college the terminology can get a little confusing. When it comes to grants vs. loans grants will always win because you don't have to pay them back. Loans on the other hand will need to be paid back, but this won't start until you are finished with school.
Loans come in many different form but the one uniting factor is that you have to repay them. Unlike grants, scholarships, and work-study money, you borrow loan money and will need to pay it back the same way you'd pay back a car loan or a mortgage. There are some features to student loans that make them a little easier to repay than standard loans. First, while you are enrolled as a full-time student you won't need to worry about making loan payments. Once you graduate you'll also have 6 months to get a job and get settled in before your loans will come due.
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The next feature is that your loan amount can be based around how much you make. There is an option that lets you choose an income contingent repayment plan so that it will be a percentage of your income rather than a fixed payment based on standard time-based plans. The Direct Loans program from the US government also has friendly representatives on the phone that will do all they can to help you if you ever get behind on payments.
Another feature of student loans that eases the repayment process is that if you lose your job or are facing an economic hardship, they will allow you to defer your loan or get a forbearance until you get back on your feet. Try doing that with your car loan and you'll get laughed at. Also, if you have many student loans upon graduation you can choose to have them consolidated into one loan to make it easier to keep track of.
Grants are always fun to get because you don't have to pay them back. Pell grants are especially nice because you don't have to do anything special in order to get them. You don't have to chase down the money either, it's automatically applied to your schooling and anything leftover is direct deposited into your account.
You should try to avoid getting loans if you can help it. There are so many different grant and scholarship awards out there that go unclaimed each year because so many students accept student loans without even trying for free money. Even though the government does offer decent loan rates and easy repayment options, as well as friendly loan reps when you call, it still can't beat getting free money in the form of grants and other awards.
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