Till is not a shortened form of until but is the older word; the un- of until adds the element 'up to, as far as'. The two words can both be used as prepositions (e.g. until/till tomorrow) or conjunctions (e.g. until/till we reach home) They are largely interchangeable, except that until is more usual at the beginning of a sentence and can sound somewhat more formal, especially in speech.
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