The words “scholarship” and “grant” are often groups together, but there are usually differences between these two forms of financial aid.
Scholarships are mainly based on a students achievements. This means that they are given to people with certain qualities, such as proven academic or athletic skill. Many scholarships have rules — maintaining a certain GPA, for example — that you have to follow to continue receiving aid.
Grants are mostly given out based on ones needs. In short, grants are usually given to students based on ones family financial situation.
Types of Federal Grants
There are different types of grants given to 4-year university or community college students by the U.S. Department of Education. Some of these include:
- Federal Supplemental Educational Opportunity Grants (FSEOG):This program is administered directly by the financial aid office at each participating school. Because of this it is also refered to as “campus-based” aid. Not all schools provide this type of aid. Check with your school’s financial aid department to find out if the school offers the FSEOG.
- Federal Pell Grants: This type of Grant, unlike a loan, doesn’t need to be paid back. Federal Pell Grants are usually awarded only to undergraduate students who have not earned a bachelor’s degree.
- Iraq and Afghanistan Service Grants: Iraq and Afghanistan Service Grants afford money to college or career school students to help pay for the expenses brought on by college.
- Teacher Education Assistance for College and Higher Education (TEACH) Grants: This grant is different from the others in it requires that you take certain courses and go into specific majors for the grant not to turn into a loan.
Usually college scholarships are based on merit. The scholarship giver has a set of standards that need to be met whether it is certain GPA or talent. There are also scholarships that are based on a students financial situation.
How Do I Apply for Scholarships?
The way in which you apply for certain scholarships depends on the deadline for each. Most deadlines come as early as a year before you would enroll in a university/college. So if you are a high shcool student now that means you should be considering applying for as many scholarships as you think you need.
How Do I Claim My Scholarship Money?
How you receive your money depends on the type of scholarship. It may work where the money would be sent directly to your university to be applied to tuition fees or other expenses. Also, some scholarships directly send you the check for correct amount in which you apply the money toward any educational expense you see fit.