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Daniel
Student
Sunrise, Florida
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Which are better to get Grants or Scholarships?
Which are better to get, grant or scholarships to help pay for college? #JULY20
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3 answers
Doc Frick
Career Coach and Mentor
1616
Answers
California, CA
Updated
Doc’s Answer
DIFFERENCE BETWEEN GRANTS AND SCHOLARSHIPS
Education is an expensive affair. When it comes to higher degrees or college, it becomes even costlier. Bearing all the educational expenses is usually not possible for an average student. To help such people, the proposition of grants and scholarships has been laid. Grants and scholarships are similar in many ways but they have different aims and objectives. There is a minute difference between grants and scholarships.
Both a grant and a scholarship Daniel are financial aid given to students to further pursue their education. There is a difference between them. They are not to be paid back. These are usually exempted from tax. A student must know the difference between these two in order to choose the best option suited. A grant is the money from non-profit organizations like government, corporations, and foundations. Grants are given for a particular project, and proper reporting of the project has to be maintained to the granter of the funds. It is normally given to the projects for students attending degree courses and also to individuals who are in need of finances to start a new business or are victims of disaster.
GRANTS – are given out to balance a disproportion between the tax collected and the spending of the organization. A person may apply for grants by submitting a proposal and, once accepted, an update has to be given to the donor. This aid is not to be returned back and so is a kind of free money. They may vary in amount.
SCHOLARSHIPS – are financial aid specifically driven towards college-going students. It may include the entire amount or a part of tuition fees as well as the living costs of individuals. A scholarship requires maintaining a certain GPA score and also needing to take a certain number of credit hours in the first year of the schooling. Some scholarships are based on the gender of the applicant and some on the field of study. There are different types of scholarships which are:
• Merit-Based – Scholarship is given on the basis of a student’s academic achievements.
• Need-Based – The educational institution awards it to the students who fulfill the specific criteria.
• Student-Specific – The scholarship available to the students of a specific community or group.
• Career-Specific – It is granted to those who pursue the particular course.
• Athletic – Scholarship is given to the students who participate in sports.
Daniel both grants and scholarships are available in the form of free money which need not be refunded. However, there are certain strings attached to it, which are to be met to sustain it for long period. Both are awarded only when the person applies for it. So, once you get the scholarship or grant, one can easily conduct the activity, for which it is granted, like pursuing a course, performing research, starting a start-up or any other purpose. It has end number of benefits like all your cost will be funded by the grant or the scholarship, and as it does not require to be paid back, it won’t add any stress to the person availing it.
Education is an expensive affair. When it comes to higher degrees or college, it becomes even costlier. Bearing all the educational expenses is usually not possible for an average student. To help such people, the proposition of grants and scholarships has been laid. Grants and scholarships are similar in many ways but they have different aims and objectives. There is a minute difference between grants and scholarships.
Both a grant and a scholarship Daniel are financial aid given to students to further pursue their education. There is a difference between them. They are not to be paid back. These are usually exempted from tax. A student must know the difference between these two in order to choose the best option suited. A grant is the money from non-profit organizations like government, corporations, and foundations. Grants are given for a particular project, and proper reporting of the project has to be maintained to the granter of the funds. It is normally given to the projects for students attending degree courses and also to individuals who are in need of finances to start a new business or are victims of disaster.
GRANTS – are given out to balance a disproportion between the tax collected and the spending of the organization. A person may apply for grants by submitting a proposal and, once accepted, an update has to be given to the donor. This aid is not to be returned back and so is a kind of free money. They may vary in amount.
SCHOLARSHIPS – are financial aid specifically driven towards college-going students. It may include the entire amount or a part of tuition fees as well as the living costs of individuals. A scholarship requires maintaining a certain GPA score and also needing to take a certain number of credit hours in the first year of the schooling. Some scholarships are based on the gender of the applicant and some on the field of study. There are different types of scholarships which are:
• Merit-Based – Scholarship is given on the basis of a student’s academic achievements.
• Need-Based – The educational institution awards it to the students who fulfill the specific criteria.
• Student-Specific – The scholarship available to the students of a specific community or group.
• Career-Specific – It is granted to those who pursue the particular course.
• Athletic – Scholarship is given to the students who participate in sports.
Daniel both grants and scholarships are available in the form of free money which need not be refunded. However, there are certain strings attached to it, which are to be met to sustain it for long period. Both are awarded only when the person applies for it. So, once you get the scholarship or grant, one can easily conduct the activity, for which it is granted, like pursuing a course, performing research, starting a start-up or any other purpose. It has end number of benefits like all your cost will be funded by the grant or the scholarship, and as it does not require to be paid back, it won’t add any stress to the person availing it.
Thank You Rachel. “Volunteers are the only human beings on the face of the earth who reflect this nation’s compassion, unselfish caring, patience, and just plain loving one another.” – Erma Bombeck
Doc Frick
Thank you so much for your detailed explanation. I truly appreciate your time and assistance.
Daniel
Your Welcome Daniel, It was my Pleasure. The only person you are destined to become is the person you decide to be.
Doc Frick
Thank You Kaylon. “The meaning of life is to find your gift. The purpose of life is to give it away.” — William Shakespeare
Doc Frick
Your Welcome Tasneem, It was my Pleasure. What we get by achieving our goals is not as important as what who we become by achieving our goals.
Doc Frick
Leslie Spiars
Manage People, Create Training
6
Answers
Wallingford, Connecticut
Updated
Leslie’s Answer
Scholarships typically come with no requirements beyond maintaining a certain GPA if they are renewable. I would say grants are similar but some may require you to do something in exchange. Both are excellent since you don't have to pay them back! I've found any payments directly to the college/university could possibly reduce the amount of financial aid they give you since your official need is reduced by other payments. Good luck!
Thank you for your valuable information. I appreciate your time.
Daniel
Adolfo Lupu
Specialty Healthcare Representative
4
Answers
Buffalo, New York
Updated
Adolfo’s Answer
Grants are the heavyweight big-hitters of the financial aid world. This is quite literally free money. Most grants will come from the government, which means you will need to fill out the FAFSA. Get the Quick & Dirty on Grants here.
Pros
Free money!
Cons
Filling out the FAFSA can be time consuming and complicated, although the folks at the US Government are trying to simplify the process (not a strong point for them). Some grants also require that students maintain a minimum GPA to qualify.
Scholarships are also chances to get people and organizations to give you free money. The difference here is that scholarships are awarded for many other reasons besides financial need. What makes you stand out? There may be a scholarship for it. Get more info at Scholarships.
Pros
Again, free money. Plus you get to say you are attending school on a scholarship.
Cons
Because scholarships may come from a number of different sources, you are going to have to do the legwork researching, applying for, and maintaining them (most require that you keep meeting minimum requirements - like a certain GPA or level in sports).
Hope this helps and best of luck!
Pros
Free money!
Cons
Filling out the FAFSA can be time consuming and complicated, although the folks at the US Government are trying to simplify the process (not a strong point for them). Some grants also require that students maintain a minimum GPA to qualify.
Scholarships are also chances to get people and organizations to give you free money. The difference here is that scholarships are awarded for many other reasons besides financial need. What makes you stand out? There may be a scholarship for it. Get more info at Scholarships.
Pros
Again, free money. Plus you get to say you are attending school on a scholarship.
Cons
Because scholarships may come from a number of different sources, you are going to have to do the legwork researching, applying for, and maintaining them (most require that you keep meeting minimum requirements - like a certain GPA or level in sports).
Hope this helps and best of luck!
Thank you so much for your reply. I really appreciate your time and assistance.
Daniel