Many of today's best and brightest use government grants to pay for college, vocational schools, or research that benefits the community at large.
However, you may wonder, do you need to pay back grants? You may feel hesitant as you don't want to be left with lots of debt.
You don't have to pay back a typical government grant.
It is given to you to help you with your educational and charitable endeavors.
In this way, a grant is vastly different than a typical student loan.
A loan must be repaid according to strict rules, and some degree of interest will always be charged on the remaining principal.
With a government grant, it's possible to use it and then forget about it.
If you keep your marks at a decent level that adheres to your school's academic requirements, you should never have to pay back a grant.
If you're working for a charitable organization that received government funding in the form of a grant, ask lots of questions before you accept the money.
Find out exactly what the government will need from you to assure them you are doing what you promised.
Sometimes, annual reports from a charity may be asked for.
However, you will probably be creating these anyway - it will be easy to send this information where it's needed.
Just get the facts before you take grant money - protect yourself by understanding that each grant is different from another.