Though an education grant and a scholarship both provide money for continuing education, there are differences between the two. A scholarship is typically awarded based on merit, financial need, course of study or the student’s ethnicity or religion. While grades are important in all these cases, often grades are only used as part of the criteria for all the types of scholarships besides merit-based ones. A scholarship comes with certain rules the student must follow. Typically the student will have to take a minimum number of credit hours per semester and will have to maintain a certain grade average. A scholarship is intended for a student who is entering or continuing a college education.
Grants, on the other hand, are tax-exempt awards of money that are given by non-profit organizations. There are many different types of grants. The government, for instance, awards many grants to small business owners, victims of natural disasters, and those who meet other criteria. Grants must be applied for by sending a proposal that outlines what will be done with the grant, what project or education it will be used for, or it will be filled with the information specifically asked for by the grant-holding organization. Education grants are those grants specifically given to a student to help further his or her education.
Once a grand is awarded, the money, like that of a scholarship, does not have to be paid back. It belongs to the student for the purpose of helping fund an education. Often, a student can be awarded more than one grant, even if the student is already receiving one or more scholarships. And very often those students who have difficult qualifying for scholarships are able to help fund their education with the help of education grants, because grants are typically based on financial need.
This is where a guidance counselor or counselor at the college the student plans to attend becomes invaluable. They understand the process of application for all the available education grants and can point a student in the right direction. A guidance counselor will quickly eliminate the grants that a student obviously doesn’t qualify for, making the process much more simple than if the student had to start at the beginning and sort through the possibilities. A mix of both scholarships and education grants is an excellent way to help pay for college, so it’s wise for a student to apply to all those that are possible.
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