there is no difference, "passing out" is simply a new invented slang term, where as "fainting" is the traditional English way of saying.
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When you faint, you will wake-up after a few seconds. When you collapse, you may not wake up as quick or at all (unless your saved by professional first aid, eg. CPR).
The main similarity between the two occurrences is a loss of consciousness. A seizure however can be accompanied by violent convulsions and respiratory distress.