Scholarships are financial awards that do not need to be repaid. They are often merit-based (e.g., acknowledging academic achievement). Grant awards also do not need to be repaid. They can be merit- or need-based (based on FAFSA information) and can come from federal, state, college or private sources. Federal and private loans are a source of funding that must be repaid. It's possible to begin loan repayment or interest-only payments while still in school, or defer all payments until after graduation.
If you are a recipient of an institutional scholarship or a grant, your aid will not be transferable to another college or university, even if the second institution is part of a cooperative program. Scholarship or grant recipients in the 3+2 and pharmacy programs may apply those forms of aid only to their three years at Saint Michael's.