Understanding the Difference between Grant and Scholarship
Getting funding for education can be of great help to students who aspire to pursue higher education. With so many financial options available, it can be confusing to differentiate between a grant and a scholarship. Although they may sound similar, there are some key differences between the two. Let’s delve deeper into this topic by exploring what sets them apart.
What are Grants?
Grants are awarded to individuals who demonstrate financial need or for specific purposes. Grants can be given by the government or non-profit organizations, and the funds do not have to be repaid. Grants may cover tuition and fees, textbooks, and living expenses. They can be awarded for various purposes such as research, community service, and minority or ethnic students.
The primary purpose of grants is to provide financial assistance to students from low-income families. Grant amounts depend on a student’s financial need and the cost of education. To apply for a grant, students must fill in a Free Application for Federal Student Aid (FAFSA) form or submit an application to the grant provider, indicating their financial situation and reasons for financial assistance.
What are Scholarships?
Scholarships, like grants, are aimed at helping students fund their education, but they are awarded on the basis of academic merit, athletic ability, or other factors. Scholarships are generally granted by colleges, universities, and private organizations. They can fund a full degree program or a part of a program’s tuition and fees.
Scholarships vary in value, and they may cover all or a portion of the cost of attendance. Some scholarships also cover additional expenses such as textbooks, room, and board. To apply for a scholarship, students must submit an application and provide academic transcripts or other supporting documents that demonstrate their achievements.
The Differences between Grants and Scholarships
The critical differences between grants and scholarships are their requirements and their purposes. Grants are given based on financial need, while scholarships are awarded based on academic merit or other factors. Grants are usually funded by the government or non-profit organizations, while scholarships are given by colleges, universities, or private institutions.
Scholarships also tend to be more competitive than grants. Scholarships are awarded based on academic and other achievements, whereas grants are given to students who can demonstrate a financial need. Scholarships are an incentive for students to work harder and perform better academically.
Conclusion
In summary, grants and scholarships are a great way to fund your education, but you must understand the key differences between them. Grants are primarily given based on financial need, while scholarships are granted based on academic and other factors. Scholarships tend to be more competitive and offer greater rewards to high-achieving students. Whether you choose a grant or a scholarship, be sure to do your research, read the requirements carefully, and apply early, so you do not miss any deadlines.
Table difference between grant and scholarship
| Grant | Scholarship |
|---|---|
| A grant is a financial aid provided by institutions or government organizations to students with financial need or for specific purposes. | A scholarship is a financial aid provided by institutions or organizations to students based on academic merit or other criteria, such as athletic or artistic ability, leadership skills, or community involvement. |
| Grants do not need to be repaid, as they are considered a form of gift aid. | Scholarships do not need to be repaid, as they are considered a form of gift aid. |
| Grants may be available for undergraduate and graduate students. | Scholarships may be available for undergraduate and graduate students. |
| Grants may be awarded based on financial need, academic achievement, or other criteria, such as program of study or career goals. | Scholarships may be awarded based on academic achievement, athletic or artistic ability, leadership skills, community involvement, or other criteria. |
| Grants may be provided by federal, state, or local government agencies, as well as private institutions and foundations. | Scholarships may be provided by educational institutions, private organizations, corporations, foundations, or government agencies. |