Grant vs Scholarship
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 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.
A scholarship is 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.
The main difference between grants and scholarships is that scholarships have stricter guidelines and requirements for selection as compared to grants. Also, the scholarship is tailored for students going to college.
Summary:
1.Grants are finances provided to individuals for various needs such as education, projects, or business. However, scholarships are exclusively given to students.
2.Grants don’t have specific requirements and, once approved, there is almost nothing required of them. On the other hand, scholarships have rigid rules and a specific score has to be maintained by the individual.
3.Grants are given to individuals who are unable to fund their education whereas scholarships are given to students who advance in academics or sports.
4.Grants may be given to any student of any standard whereas a scholarship is given to those who are specifically entering college.
5.Grants are given to people based on their financial condition. This is not the case with scholarships. Scholarships are often given to students who excel in specific majors, activities, affiliations, or interests.