Scholarships vs. Grants: What’s the Difference?

As the cost of education continues to soar, it’s no surprise that students and their families are looking for ways to offset the expenses. Scholarships and grants are two commonly used methods for funding higher education, but many people use these terms interchangeably. While they both provide financial assistance to students, there are some key differences between scholarships and grants.

Scholarships

Scholarships are merit-based awards that recognize academic or personal achievements. They are typically awarded to students who have demonstrated exceptional skills in academics, athletics, music, or any other field. Scholarships are offered by various organizations, including schools, corporations, non-profits, and private foundations.

One of the biggest advantages of scholarships is that they don’t have to be repaid. However, there are some exceptions, such as scholarships that require a recipient to work for a certain organization after graduation.

Scholarships are highly competitive, and their application requirements can be more rigorous than those for grants. In addition, they may have specific eligibility criteria, such as a minimum GPA or certain extracurricular activities. Some scholarships are also restricted to students of a particular race, gender, or ethnicity.

Grants

Grants are need-based awards that provide financial assistance to students who can’t afford to pay for their education. They are typically awarded based on financial need, although some grants may consider academic merit as well. Grants are provided by the government, non-profits, and private organizations. They can cover tuition, fees, books, and other expenses associated with attending college.

Unlike scholarships, grants are usually based on income and financial need. Students with lower incomes are more likely to qualify for grants than those from higher-income families. Additionally, students who are eligible for grants must demonstrate financial need by submitting a Free Application for Federal Student Aid (FAFSA) form.

Another significant advantage of grants is that, like scholarships, they don’t have to be repaid. However, as with scholarships, there are some exceptions, such as grants that require a recipient to fulfill certain requirements after graduation.

Final Thoughts

In conclusion, there is a difference between scholarships and grants. Scholarships are awarded based on merit, while grants are awarded based on financial need. Both can help offset the cost of higher education, making it more accessible to students from all backgrounds. It’s important for students and parents to research both scholarships and grants to find the ones that best suit their needs.

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