Grant vs. Scholarship: What’s the Difference?
When it comes to paying for college, students have many options to consider, including grants and scholarships. While both forms of financial aid can help students cover the cost of tuition, fees, and other expenses, there are some key differences between the two.
Eligibility Criteria
- Grants: Grants are typically awarded based on financial need. Students must demonstrate that they have limited resources and are unable to pay for college without financial assistance.
- Scholarships: Scholarships are typically awarded based on merit, such as academic achievement, athletic ability, or artistic talent. Students must meet certain criteria to be eligible for a scholarship.
Sources of Funding
- Grants: Grants are typically funded by the government, such as the federal government or state governments. They can also be funded by private organizations, such as foundations or corporations.
- Scholarships: Scholarships can be funded by a variety of sources, including the government, private organizations, and colleges and universities.
Repayment Requirements
- Grants: Grants do not have to be repaid, unless the student fails to meet the eligibility criteria or withdraws from school.
- Scholarships: Scholarships typically do not have to be repaid, but some scholarships may have certain conditions that must be met, such as maintaining a certain GPA or participating in a specific program.
Which is Right for You?
Whether a grant or scholarship is right for you depends on your individual circumstances and financial needs. If you have limited resources and are unable to pay for college without financial assistance, then a grant may be a good option for you. If you have strong academic credentials or other special talents, then you may be eligible for a scholarship.
It is important to research all of your options and apply for as many grants and scholarships as you can. The more financial aid you can receive, the less you will have to borrow in student loans.
Additional Tips for Finding Grants and Scholarships
* Start your search early. The earlier you start looking for grants and scholarships, the more time you will have to find and apply for the best opportunities.
* Be thorough in your search. There are many different types of grants and scholarships available, so it is important to research all of your options and find the ones that you are most likely to qualify for.
* Don’t be afraid to ask for help. There are many resources available to help you find and apply for grants and scholarships. Talk to your school counselor, financial aid office, or a scholarship search website for assistance.
By following these tips, you can increase your chances of finding and receiving grants and scholarships to help you pay for college.
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