Are Grants and Scholarships the Same Thing?
Posted date: 07 Jun 2022
The difference among a scholarship and a grant is sometimes misinterpreted. Both are types of student financial aid that assist with the costs of higher education, including as tuition, room and board, and textbooks. Despite the fact that the names are sometimes confused or used interchangeably, each has its own set of eligibility requirements and rules. Grants and scholarships have one thing in common: they don't have to be paid, unlike college loans. The following are some of the distinctions between scholarships and grants.
Term definitions
Grants and scholarships are not synonymous, and the two concepts are frequently misunderstood. Scholarships are frequently awarded on the basis of merit. This implies that they are awarded to candidates based on desired characteristics such as athletic talent, academic accomplishment, or participation in a specific extracurricular activity. Scholarships can also be awarded based on certain characteristics such as ancestry or involvement with a particular organization.
Grants are usually need-based, and students are eligible for them depending on factors like family income. Grants come mostly from the federal and state governments. State-funded grants are typically awarded to students who are pursuing a degree in that state.
Both grants and scholarships typically have some form of criteria in order to continue receiving funds, such as maintaining a specific GPA. It's critical that recipients know these standards so that they don't end up without the assistance they need.
Funding Sources
A variety of financial sources offer scholarships. Businesses, religious organizations, people, community organizations, college departments, and alumni are examples of these. Grants are distinct in that they are typically funded by state or federal financial aid to the college or university.
Merit
Scholarships are usually given out on the basis of academic or extracurricular achievement. They ask for an application that explains why the applicant believes he or she is deserving of the prize. Grants frequently consider financial need when deciding eligibility for financial assistance. To establish eligibility for federally sponsored grants, applicants must complete the FAFSA, or Free Application for Federal Student Aid. These awards are not awarded on the basis of ability or achievement.
As you can see, there are several distinctions between grants and scholarships. To maximize your chances of receiving money, do your homework and make sure you submit all essential papers correctly. There are numerous scholarships and grants available, and most students are eligible for some type of partial financial aid.
Posted By
GSP Admin
