What is the difference between a grant and a scholarship?
Grants and scholarships are financial aid opportunities that are awarded to supplement the student’s college savings, and they are given to assist students in reducing their academic debts and, of course, their work burden.
People use the two words interchangeably, thinking they are the same. I was also in this category up until my 2nd year at college. Although I must admit that the words grant and scholarship are relatively synonyms, there are vital differences you should take note of.
Knowing these differences could also help you land a better financial aid opportunity to fund your college.
To secure scholarship and grant opportunities, you should know that the duo has a different applicant pool, which is judged based on the eligibility criteria that were set by the host. Some scholarship opportunities are broad and open to all categories of students, while others are narrowed down to specific students.
All in all, the stricter the eligibility criteria for a scholarship, the fewer eligible applicants will be awarded, so that only the highly qualified ones are fit for selection.
It is advised that you always check the eligibility requirements, even before taking the time to apply. You may also choose to narrow it down to need-based ones and scholarships for people with unique abilities.
What is the difference between a grant and a scholarship ?
1. Difference by Definition
A scholarship is an award to see for your financial aid as a student who intends to further his or her education. Scholarship opportunities are awarded based on different eligibility requirements, which usually reflect the core values and aims of the host institution, organization, or individual.
Grants, on the other hand, are funding opportunities that are disbursed by one party (also known as the grant makers), usually a foundation, government department, or corporation, to a recipient, a nonprofit organization, or an institution.
2. Differences by Application a grant and a scholarship
The manner in which scholarships are applied is not the same as that of grants. This is a core difference between a scholarship and a grant.
Scholarships are usually more restrictive. By restrictive, I mean that the financial aid awarded to the students is specifically reserved for their college expenses or tuition fees.
To make use of a scholarship, the application is based on that already set by the host. Most local scholarship opportunities may directly offer you a check to pay off your student debt, while others pay directly to the college to settle the tuition bill.
As for grants, they can be sent to the recipient’s school, paid to the recipient directly, or shared between the student and her school, depending on the study expenses.
3 Differences by the Type of Recipients for grant and a scholarship
Scholarship opportunities are open to students who are academically eligible for the award, and some are open to those students who are in dire need of financial assistance (need-based scholarships) to round up their course within the specified duration.
Grants, on the other hand, are not only available to students but to all these other bodies.
Non-profit organizations:This form of grant are made for social services; it is offered to health institutions, education bodies, early childhood educators, and youth services, to mention but a few.
Veteran Grants: These grants are awarded by the government to train veterans who would be key agents in creating the new economy.
College and University Grants: These forms of financial aid grants are given to enhance research-based studies and programs; they also cover other academic facilities.
4 Sources of Gifts
Grants are usually from the federal government. While scholarship awards can come from a wide range of donors, including organizations, charities, businesses, colleges, the government, and individuals
Is funding the same as a scholarship?
A scholarship is a funding opportunity from a private source. Funding is different from scholarship, but the two words are used in the same context to mean an award provision in the form of money.
Now, I believe you know the key differences between scholarships and grants. You don’t want to wait any longer; begin to apply for these opportunities. Know that your future is in your hands; apply for scholarships and grants today!