Students drop the option of college merely because of the expenses involved. There are solutions to this problem since grants and loans make college education much more affordable. However, the difference between the two isn’t understood properly by all.
Grants are the form of financial aid provided by the government. They are awarded on merit basis and are determined by the FAFSA. Grants are free money and need not be paid back. They provide support for college education but do not cover all the expenses.
Grants are free money but it is difficult to qualify for them.
Student loans are available if more funds are required for college. There are many kinds of federal loans made available which cover the tuition fee as well as other expenses you may have while studying. However, they should be paid back. The repayment scheme varies for each loan ranging from 6 months to 3 years from the day of graduation.
Filling the FAFSA forms on time may qualify you for both options and they can used to supplement each other.
Planning to give the best shot in both is a challenge.The key word here is balancing! 
Parents get frightened by the fact of to pay thousands of dollars for an education. 
For post secondary education, Federal government has launched loan program. 
Scholarship scams - because many students competing for scholarship.