Chang wants to attend a two-year university with an annual tuition of $3,250. He has $2,000 in savings and earned a work-study for $1,500 per year. He decides to apply for a grant to pay for any additional costs. Which is an advantage of using a grant?

Chang will have to repay the money

Chang has to apply for the grant and he could not receive the money.

Chang does not have to repay the money.

Chang will have to pay interest on the money he borrows.