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What Is The Difference Between A GRANT And A SCHOLARSHIP

Difference Between Grant And Scholarship: People often wonder about the Core difference between scholarships and grants. Both are student financial aid that helps to pay for the necessities associated with higher education such as tuition, room, board, and textbooks. Though people sometimes confuse the terms or use them interchangeably, each has its own meaning, eligibility requirements, and guidelines. One similarity grants and scholarships have is that they don’t need to be repaid, unlike college loans. Let’s take a look at the various characteristics of scholarships and grants.

Grants VS Scholarship – What’s The Difference

difference between grant and scholarship

Have We gotten the difference between grant and scholarship? Not really. The important thing is to look at is the eligibility criteria (the reasons why the award is given) for each award and decide if you are eligible. If you believe that all scholarships are given for academic merit and all bursaries for financial need, you could be missing out on opportunities that do not fit that criteria.

What Is A Grant

According to Wikipedia Grants are non-repayable funds or products disbursed or given by one party (grant makers), often a government department, corporation, foundation or trust, to a recipient, often (but not always) a nonprofit entity, educational institution, business or an individual. In order to receive a grant, some form of “Grant Writing” often referred to as either a proposal or an application is required.

Furthermore, Grants are usually given by charitable organisations and can be given for any number of reasons. Usually the charity or trust has been established to support people from specific groups, for example people from a particular area, social or religious background, disabilities or those suffering hardship.

What is a grant for College

Both scholarships and grants for college are free money to help you pay for your education. Unlike student loans, you don’t have to pay back grants or scholarships, except under certain circumstances, like withdrawing early from a program or a change in your enrollment status.

CHECK: The Crown UK Fund for supporting the Black Community in the UK ( Up To £20,000 Grant )

The biggest difference between college grants and scholarships is that grants for college are typically need-based. Scholarships may be need-based or merit-based, which means they’re given out based on some kind of ability, hobby, ethnicity, religion, etc.

There are literally thousands of charities and trusts in the UK giving grants all with different charitable objectives and you will need to check out the eligibility criteria of each to see whether you are eligible to apply. You can find a list of these in the Guide to Educational Grants, which is a book published by the Directory of Social Change available in most larger reference libraries, or you can access it online with our member benefits.

Types Of Grants

Considering Going for a grant? It’s cool You Know the Types of grants Available to Everyone. Now What Are 4 Types Of Grants. In the sea of grant programs, there are just four main types of grant funding. This Blog Post
provides descriptions and examples of competitive, formula, continuation, and pass-through grants to give you
a basic understanding of funding structures as you conduct your search for sources of grant revenue.

1. Competitive Funding/Grants

Also known as discretionary funding, competitive funding is a process of proposal selection based on the evaluation of a reviewer or team of reviewers. Funding is based on the merits of the application, and recipients are not pre-determined.

2. Continuation Funding/Grants

Continuation funding grant programs offer current award recipients the option of renewing grants for the following year. Some programs are restricted to existing grantees only, while others invite applications from current grantees and new applicants. Since priority is often given to continuing applicants, if you are a new applicant, you should consider entering into a partnership with a currently funded entity.

3. Formula Funding/Grants

In contrast to competitive funding, formula grants are given to pre-determined recipients. Non-competitive awards are usually allocated to eligible entities according to population and/or other census criteria, and all applicants who meet the minimum requirements of the application process are entitled to receive money.

4. Pass-Through Funding/Grants

Pass-through grants are funds given by the federal government to the states for further distribution to local governments. Under this funding structure, states may disburse federal funds to eligible local jurisdictions through formula allocations or open competitions.

How To Get A Grant

For a specific piece of research, like a dissertation, a proposal and plan will probably have to be submitted to the awarding officer. There might be an informal interview or chat about the plans, just so they know that you’re up to something above board, but so long as the grant is genuinely needed there’s rarely problems in getting it.

CHECK : How To Apply Tony Elumelu Foundation $5,000 Grant.

What is a Scholarship

A scholarship is an award of financial aid for a student to further education. Scholarships are awarded on various criteria usually reflecting the values and purposes of the donor or founder of the award. This award is given based on some sort of excellence – be it academic, sporting or other talent. The award is usually a reduction in tuition fees, or extra money to assist with living costs.

Most universities will have their preference as to what kind of scholarships they offer, for instance a university with a good track record on the field would rather offer a scholarship to a sportsman than someone with straight ‘As’ in Chemistry. Of course, if your grades are exceptional, most universities offer a scholarship for this, and that’s usually just to tempt you to choose their university. Oh, to be young and brainy…

Types of Scholarships

They Are several Types Of Scholarships which can be awarded by different institutions including private firm but we will be following the list gotten from Our source Wikipedia

1. Merit-based: These awards are based on a student’s academic, artistic, athletic, or other abilities, and often factor in an applicant’s extracurricular activities and community service record. The most common merit-based scholarships, awarded by either private organizations or directly by a student’s intended college, recognize academic achievement or high scores on standardized tests. Most such merit-based scholarships are paid directly by the institution the student attends, rather than issued directly to the student.

2. Need-based: Some private need-based awards are confusingly called scholarships, and require the results of a FAFSA (the family’s EFC). However, scholarships are often merit-based, while grants tend to be need-based.
Student-specific: These are scholarships for which applicants must initially qualify based upon gender, race, religion, family, and medical history, or many other student-specific factors. Minority scholarships are the most common awards in this category.

CHECK: Undergraduate Scholarships For International Students In USA 2021

For example, students in Canada may qualify for a number of Indigenous scholarships, whether they study at home or abroad. The Gates Millennium Scholars program is another minority scholarship funded by Bill and Melinda Gates for excellent African American, American Indian, Asian Pacific Islander American and Latino students who enroll in college.

3. Career-specific: These are scholarships a college or university awards to students who plan to pursue a specific field of study. Often, the most generous awards to students who pursue careers in high-need areas such as education or nursing. Many schools in the United States give future nurses full scholarships to enter the field, especially if the student intends to work in a high-need community.

4. College-specific: College-specific scholarships are offered by individual colleges and universities to highly qualified applicants. These scholarships are given on the basis of academic and personal achievement. Some scholarships have a “bond” requirement.

Recipients may be required to work for a particular employer for a specified period of time or to work in rural or remote areas; otherwise, they may be required to repay the value of the support they received from the scholarship.

This is particularly the case with education and nursing scholarships for people prepared to work in rural and remote areas. The programs offered by the uniformed services of the United States (Army, Navy, Marine Corps, Air Force, Coast Guard, National Oceanic and Atmospheric Administration commissioned corps, and Public Health Service Commissioned Corps) sometimes resemble such scholarships.

5. Athletic: Awarded to students with exceptional skill in a sport. Often this is so that the student will be available to attend the school or college and play the sport on their team, although in some countries government-funded sports scholarships are available, allowing scholarship holders to train for international representation. School-based athletics scholarships can be controversial, as some believe that awarding scholarship money for athletic rather than academic or intellectual purposes is not in the institution’s best interest.

6. Brand scholarships: These scholarships are sponsored by a corporation that is trying to gain attention to their brand, or a cause. Sometimes these scholarships are referred to as branded scholarships. The Miss America beauty pageant is a famous example of a brand scholarship.

7. Creative contest scholarships: These scholarships are awarded to students based on a creative submission. Contest scholarships are also called mini project-based scholarships where students can submit entries based on unique and innovative ideas.

8. Last dollar: scholarships can be provided by private and government-based institutions, and are intended to cover the remaining fees charged to a student after the various grants are taken into account. To prohibit institutions from taking last dollar scholarships into account, and thereby removing other sources of funding, these scholarships are not offered until after financial aid has been offered in the form of a letter. Furthermore, last dollar scholarships may require families to have filed taxes for the most recent year; received their other sources of financial aid; and not yet received loans.

Conclusion

Here we’ve given our Take On the difference between grant and scholarship and other key factors everyone should know and also consider, Tell Us what You find interesting and also share with your friends.

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