Difference Between Scholarship and Grant

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Difference Between Scholarship and Grant

Generally, grants are given based on financial-need, while scholarships are merit-based and awarded to students for their academic achievements. Identically, both scholarships and grants not refundable. They are given as a gift to the individual in need of it.

What is Scholarship

It is an award of financial aid for a student to further their education. Scholarships are awarded on various criteria usually reflecting the values and purposes of the founder. Scholarship is also a type of financial award provided for students in recognition of their academic achievements.

It is to motivate them to improve their grades and performance. Moreover, it is a financial aid given to students by the government, universities and organizations to help students further their education. In light of this, scholarship can be used to cover diverse costs i.e tuition as well as other educational expenses.

What are Grants

On the other hand, Grants are funds paid out by one party often a Government, Corporation, Foundation or Trust, to, often a nonprofit entity, educational institution, business or an individual.

Difference Between Scholarship and Grant

The difference between scholarships and grants usually comes from their source of funding, who they are awarded to. They are also different in terms of their merits and criteria as well as their requirements or eligibility.

Scholarship and Grant Funding

Scholarships are awarded by a number of funding sources. These can include businesses, religious groups, individuals, community organizations, college departments or alumni. However, Grants usually come from the state or federal financial aid that is given to the college or university.

Grants and Scholarships Eligibility

Every students is eligible for both grants and scholarships. In order to receive federal or state grants, applicants must be citizens of they particular country. Scholarships are usually for undergraduate students. Likewise, Grants can be awarded to those pursuing both undergraduate or graduate degree programs.

Merit based Grants and Scholarship

Scholarships are generally awarded based on academic or extra-curricular merits. They require an application projecting why an applicant feel they deserve the award. Grants on the other hand are often take financial need into account in determining one’s merit for receiving the aid.

Federally-funded grant recipients must fill out FAFSA forms, Free Application for Federal Student Aid, in order to determine their eligibility. These grants are not based on ones skills or achievements.

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