Now let’s make clear the difference between Grant and scholarship. Many tend to mix this up in the most occasion. Though the two may be related in a way, they are two different words. Now, let us clearly explain these two terms and put the difference clear.
If you have ever been in search of some financial aid, you certainly must have come across the word grant and scholarship. People often get it wrong by thinking scholarship and grant are the same. We had to come up with this to help you know the difference between these two terms that seem a bit confusing.
Grant in general term is a non-refundable product or cash given by one body to a beneficiary. In most occasions, corporation, government department or foundation to a recipient. This fund or product is usually non-repayable.
A scholarship is usually an award of financial aid for a student in order to assist the continuation of their education. This is usually awarded based on certain criteria which normally matches the values and purposes of the donor.
Scholarship and grant as seen here are both non-repayable amount of cash or product. So, what are the main difference between Scholarship and Grant? Now, let us make the difference known to you in order to bring an end to this ever-rising question.
The Difference Between Grant and Scholarship
Grant is usually financial aids given on a base of support for “financially handicapped” persons. This is given based on the student demonstration of “financial need”. This is usually awarded by government arms, Local government, the federal government, colleges and companies etc.
The criteria for a grant is generally not based on educational performance. Grants are given to students who have some financial difficulties or are unable to fund their education as the case may be.
There is usually some requirement to meet before applying for a scholarship. Normally base on merit, the scholarship applicant must meet some certain educational requirement before applying for a scholarship.
In Grant, cash and other product are normally handed to the beneficiaries. Beneficiaries now have the freedom to fund their education themselves.
In scholarship, it may not necessarily be the same. It happens both ways, an applicant may be handed funds in some cases and may not. Most times donors go ahead with the funding of everything especially scholarships put together by schools and colleges.
Similarities Between Grant and Scholarship
Grant and scholarship both have some eligibility standards. One must eligible in a way before being able to apply for either of these two. Some eligibility standard may be Educational status, nationality, membership of a particular body or organization, church membership etc. once you meet this eligibility status then you are good enough to apply for both grant and scholarship.
They both involve financial support or outright funding. Whichever you are applying for between grant and scholarship, one thing is almost certain financial support. Though in some cases they may be no cash handed to awardees, donors only go ahead to finance applicants base on their subject of the application.
Several terms can be confusing mostly ones that share similarities. Scholarship and grant are just a few of such terms but hope we been able to clearly differentiate both.