Yes, there is a difference. A child with a learning disability has certain areas of academic skill which are far below his or her real intelligence. In other words, they are much smarter than they are performing in school. The term "mildly retarded" isn't often used anymore but usually refers to a child who has below average academic skills AND below average intellectual ability. In other words, they may be struggling in school but also may actually be working at an acceptable or expected level based upon their intelligence. But it is very important to know that any testing which is done at such a young age can only provide a rough estimate of a child's abilities or skills. A lot can change over the next few years, and testing in second or third grade may show something entirely different.