A scholarship is a direct payment made to the student or the institution that student is attending. It is a set amount of funds awarded on the basis of academic or other achievement or financial need, along with demonstrated success and interest in specific areas defined by the scholarship.

A loan is a sum of money that can be used to help finance the cost of your education and is expected to be paid back with interest after you graduate. If loans are needed to pay for college, many students first take loans from the federal government because they tend to have more favorable rates, and then take private loans from a bank if they have maxed out on federal loans and still need additional funds.

If a student commits to teaching for a set period of time, oftentimes in a certain geography, subject, or grade level, they can avoid having to pay some or all of their loans. Because they can be for substantial amounts, loan forgiveness is among the highest quality/value financing opportunities for handling the cost of education. However, each program varies so it is critical that candidates understand the specific requirements for the type of loans and amounts that can be forgiven, as well as the teaching commitment they must fulfill.

Eligibility is the basic criteria you must meet in order to be able to apply for an opportunity such as a scholarship, grant, internship, or loan forgiveness program.

​​​​​​To be considered for a scholarship, loan forgiveness, or other opportunity, you must proceed with the application process, which usually includes an application composed of a form or collection of forms. Additional materials, like recommendation letters, school transcripts, and other documents that determine your eligibility, may also be required.