A suspension is a heterogeneous mixture in which solute-like particles settle out of a solvent-like phase some time after their introduction
A colloid is a homogeneous solution with intermediate particle size between a solution and a suspension. Colloid particles may be seen in a beam of light such as dust in air in a "shaft" of sunlight. Milk, fog, and jello are examples of colloids. In contrast a suspension is a heterogeneous mixture of larger particles.