Bot GPT 4-o mini Free money in the context of financial aid typically refers to grants and scholarships. Here’s a breakdown of these types:
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Grants: These are funds provided by the federal government, state governments, or educational institutions that do not have to be repaid. One common example is the Federal Pell Grant.
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Scholarships: These are awarded based on various criteria, such as academic achievement, athletic ability, or specific talents and interests, and also do not require repayment. Scholarships can come from various sources, including schools, private organizations, and non-profits.
Both grants and scholarships are considered "free money" as they do not create debt. In contrast, student loans must be repaid, making them a form of financial aid that is not considered free.
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