Difference Between Grant and Scholarship
Grant vsÂ Scholarship
Education is expensive, especially attending college and university in today’s economy. People find it a little hard to provide for the needs of their families, much less for the education of their children. While some parents save enough for their children’s education, not all are that lucky.
For students who are really interested in finishing a degree and having a better future, there are several options they can consider so that they are able to fund their education. Two of these options are grants and scholarships.
Grants and scholarships are money given out by organizations or the government to fund a student’s education. Although applying for one will not be very easy, once the application is approved the student doesn’t have to pay the amount back.
Although grants and scholarships are both free money given to individuals, they differ in a lot of ways.
A grant is money that is given by the government or other non-profit organizations, corporations, and foundations to students and other individuals. It is usually given to fund projects for students who are attending college and university and individuals who have been victims of natural disasters and those who want to start a small business.
When there is an imbalance in the amount of taxes collected and the government’s spending, grants are given out to create a balance between the two. Grants are given based on a person’s financial need. When the grant is approved, the person to which it is granted doesn’t have to pay it back.
The requirements for the application for a grant are not that hard to comply. A student is required to submit a proposal to the donor. Once the proposal is approved and the project is underway, they are required to report the progress of their project to the donor.
A scholarship is money given by the government, foundations, corporations, and other non-profit organizations to students in order to fund their education. Its purpose is to fund their education and it can be a partial or full scholarship.
It has more requirements, oftentimes requiring students to maintain a certain GPA and take up a specific number of credit hours in the first 12 months. It is also important to note that scholarships are usually given according to a student’s academic, sports, or other achievements. So if you excel in a certain area like sports, expect to be offered a scholarship or two.
1. Grants are money given freely to individuals to fund their education, projects, or business, while scholarships are money given freely to students only.
2. Grants do not have very strict requirements and once they are granted to a person, they basically own the money and not much is required of them, while scholarships are more stringent in their requirements, requiring students to maintain a certain GPA.
3. Grants are given out to students who don’t have the money to fund their education, while scholarships are usually given to students who excel academically or in sports.
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