Scholarships vs Grants
Scholarships and grants are good way to finance your education through college as they provide free money to pay fro your tuition fees and other related expenses. However, there are differences between scholarship and grant that need to be understood. Both are similar in the sense that they provide a student with free money that does not need to be repaid as is the case with student loans. This is why experts say that a student must exhaust all sources of free funds before applying for loans.
Grants are source of money from government and other private foundations that are non profit. Popular types of grants are need based and merit based. Need based grants go to students who are financially weak and need help to continue with their studies. Merit based grants take into account talent of the individual along with financial need.
Scholarships on the other hand come mostly from educational institutions. However, they are also provided by employers, companies and other organizations. These scholarships have a number of eligibility criterions such as gender, race, financial status, special skills and so on.
Grants are available for a number of purposes such as starting a business, community service, for NGO’s, employment and training programs, environmental issues, legal services, sports, arts and culture, and for studies in the fields of agriculture and sciences. Grants are always for a specific purpose and they cannot be utilized to further one’s own requirements such as buying a house or a car. Grants have been designed to assist people who want to do something worthwhile for the community and society at large whether it is in the field of medical research or development of a product or service that might be useful for the society. Educational grants are normally for developing colleges and training centers that would be beneficial for a large number of students in a particular area.
Difference between Scholarships and Grants
• Scholarships and grants are free money that is utilized for different purposes.
• While scholarships are available to individual students, grants are for initiatives that are beneficial for the community at large.
• Educational grants are given to institutions rather than individual students
• Some of the grants for individual students such as TEACH, SMART etc are in reality scholarships.