People usually get confused between Grant and Scholarship because both of them involve money. But there is a difference between these two words in the context of education and financial aid.
So today in this article, I will explain to you the difference between Grant Vs Scholarship words and help you understand how each of them works.
Grant Vs Scholarship
Meaning of Grant
A grant is like a gift which a student receives to solve his financial needs. They can use it for paying tuition fees and handle all financial needs in school.
In general, grants come from the federal government, followed by state government and non-profit organizations. Grants are usually ‘need-based’ which means they help students based on criteria.
Examples of Grant includes
· Federal Pell Grants
It is for undergraduates who do not have a bachelor’s degree.
· Federal Supplemental Educational Opportunity Grants (FSEOG)
It is for some specific schools and undergraduates who are in need of financial aid.
· Teacher Education Assistance for College and Higher Education (TEACH) grants
It is for students who want to become teachers.
· Iraq and Afghanistan Service Grants
It is for children of fighters who have lost their lives in the Iraq and Afghanistan wars.
Meaning of Scholarship
A scholarship is an earned financial aid depending on a unique ability, academic performance or exceptional talent. Just like grants, you can use your scholarship for paying tuition fees and other financial needs.
Scholarships come from non-profit organizations, business and labor unions who want to give back to society by helping students.
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Types of Scholarships
Merit-based Scholarships
Need-based Scholarships
Career-specific Scholarships
Athletic Scholarships
Branded Scholarships
Similarities between Grant and Scholarship
- Both solve the financial needs of students.
- Both force you to level up your studies to keep terms and conditions of gaining scholarship.
- Both don’t require repayment to some extent.
Differences between Grant and Scholarship
• The eligibility of federal grant requires FAFSA while in scholarship it is not required.
• A grant is like a gift received while scholarship is an earned financial aid.
• In Grant you have to provide information about your financial circumstances while in scholarship it is not required.
• There are no categories of grant while scholarship is based on different types.
Conclusion
It is best for students to apply for scholarships and grants as it will solve your financial needs and worries.
I hope this article was helpful and you have got the difference between these two words.