Graduate Student A college student who is enrolled in a masters or doctoral program is called a graduate student. Grant Grants are financial aid you don't have to pay back and are usually for students who have a financial need. The largest Maryland state grant program is the Educational Assistance Grant. The largest federal grant program is the Federal Pell Grant. Loan A loan is money you borrow that you must pay back with interest.
Federal funds provide most of the money used in making educational loans.
The Stafford Loan and the Perkins Loan are federal loan programs. An official transcript is a list of all classes taken and all grades received by the student, and is sent by the school usually with an original signature of a school official and an official seal. If you accept a grant that has a service obligation, you must sign a promissory note. The note is a binding legal document that states the terms and conditions of repayment of the grant should you not complete the service obligation. Scholarship A scholarship is financial aid you don't have to pay back and is usually given to students who are recognized for academic achievement, athletic ability, or other talents.