What is a Scholarship?
A scholarship is a financial aid granted to a student on the basis of the student’s academic or extracurricular achievements, for the purpose of schooling. Scholarships are typically designed for academic-related expenses.Scholarships are awarded to students.
What is a Grant?
A grant is a financial assistance or fund given by a government,non-profit organization, corporation, individual, foundation or trust for the use of another party (often a nonprofit entity, educational institution, business or an individual) to finance a particular activity, venture, charity or facility.
Differences between Scholarship and Grant?
- Scholarships recipients are students while grants are given to nonprofit entities, educational institutions, businesses, students or individuals.
- Scholarships are usually awarded based on merit, talent, or academic performance(but some may be based on financial need or geared toward specific career goals) while grants are disbursed based on financial need.
- The purpose of a scholarship is to admire the talents of a student on his or her field of expertise. Grants provide financial assistance for the full range of the grantee’s activities.
- Scholarships are categorized: merit based, need based, student specific and career specific. Grants have no specific category.
Both grants and scholarships are forms of financial aid and they do not need to be repaid. However, some scholarships require you to meet certain conditions, such as maintaining a minimum GPA, otherwise, your risk losing your award.
In summary, Scholarships are usually merit based while grants are need based. To obtain a grant, you’ll have to provide information about your financial circumstances to demonstrate that need.