How are scholarships and grants different? To many people, these two terms seem synonymous with each other, but the truth is that they’re not interchangeable. The term scholarship refers to an award of money to cover the expenses related to your education, whereas a grant refers to an award of money to pay for projects such as conferences and workshops. If you’re considering applying for either one, it’s important to know the key differences between these two things and what you can do with them.
Scholarships are funds that an individual, a business, or another group offers to help pay for someone’s education. Scholarships can be awarded based on a variety of factors such as merit (academic, athletic, artistic), leadership qualities, or even financial need.
To find out if you qualify for any scholarships please contact your high school guidance office.
A grant is a money given by an organization or group to another group with specific purposes. In other words, grants are typically given by organizations with a particular interest in what they would like you to do with them.
3-Whats the difference:
Grants and scholarships both cover costs associated with higher education but there are key differences between them.
While both provide funding, a scholarship is more likely to be offered by individuals, while a grant will more likely come from organizations and groups.
Also while scholarships can go towards all types of educational expenses including books and housing, grants generally cover less expensive items such as tuition fees and supplies.
Read More: 9 Best Scholarship Consulting Services
What is a scholarship?
A scholarship is an award of financial aid for a student who has demonstrated superior academic achievement or exceptional talent in an art form. A scholarship can be either merit-based or need-based.
Merit scholarships are awarded on the basis of academic excellence, while need-based scholarships are awarded because a student cannot afford college without some financial assistance.
Some examples of types of scholarships include Academic, Athletic, and Music scholarships. Scholarships can also come with different terms and conditions such as yearly renewals, restrictions on how much time the recipient is allowed to spend outside the country during the scholarship period, and other requirements that may vary depending on the donor’s preferences.
It’s worth noting that most scholarships are granted by universities or private organizations that have established criteria for eligibility.
Read our detailed article on what constitutes a Scholarship , as well as important details many students miss when applying for one
Grants are easier to find than scholarships
firstly, let’s explain what a Grant is. Grants are funds given by an organization for the purposes of carrying out an activity.
Grants are generally funded by the government or corporations and awarded on the basis of a competitive application process.
As opposed to scholarships, Grants are very easy to find because they do not require any type of competition but rather the applicant has the responsibility of finding and applying for them.
Scholarships on the other hand do not have such simple requirements and can only be found if you look hard enough (for example by attending fairs).
Scholarships come in many different forms such as need-based scholarships (to those with low income) or merit-based scholarships (to those who excel in certain fields). They also differ depending on whether you attend a private or public university.
Grants are a lot easier to find than scholarships. There is a wide variety of grants that you can apply for, and each grant will have its own set of eligibility requirements and restrictions.
A lot of these grants are from government and non-profit organizations, so there is no reason not to apply for them.
An example of a grant that’s available through the government is the Pell Grant.
This grant is awarded on academic need and potential, which means that it doesn’t matter what your family income level is or how much money you’ve saved up. However, this only applies if you’re a U.S citizen or permanent resident as well as an undergraduate student in college who has not yet graduated.
The best part about grants
Grants are usually given by the government or a company, and they often go toward projects that will benefit society.
Grants are typically not based on your grades or financial situation. Some grants may require you to submit a proposal in order for you to receive the grant. Regardless of what type of project you have, there is likely a grant out there for it.
Unfortunately, scholarships are only given by universities.
There is less of a chance that you’ll receive a scholarship if you don’t have high grades or come from a lower-income family. Also, grants are available for just about everything, while there may not be any scholarships available for your exact topic area or field of study.
With that being said, you should definitely apply for both scholarships and grants when looking for financial aid in college.
Some examples of scholarships and grants
Let’s go threw some of the best scholarships and Grants available for students in the USA
- Fulbright Foreign Student Programme:
- Boston University Presidential Scholarship
- Knight-Hennessy Scholars Programme
- American University Emerging Global Leader Scholarship
- International Tuition Grant by Michigan State University
- Alexia Foundation Student Grant
- Carole Fielding Student Grant