Are given freely. Which means you do not have to pay them back.
**However, with some funding agencies, if you do not complete the term or year being paid for they will expect reimbursement (the funds to be repaid).
Is money which is loaned to you during your education. You will have to pay it back once you finish your program, and there is interest placed on that loan. Think of it like a credit card or bank loan, very similar, however, there can be portions forgiven (you don’t have to pay back) or interest relief (interest is not applied to the loan for a period of time).