Hey everyone, I'm starting to navigate through financial aid and I keep hearing about both scholarships and grants. They both sound great since I wouldn't have to pay them back, but I'm not entirely sure what the difference between the two is. Are there different criteria to qualify for each, or do colleges consider them in the same way when determining financial aid packages? I'd really appreciate if someone could break down the distinctions and maybe share which one is more common or easier to get.
Sure, glad to help out! Both scholarships and grants are forms of financial aid that you don't have to pay back, as you mentioned, but they're earned in different ways.
Scholarships are typically merit-based - they're given to students for exceptional academic achievement, athletic prowess, artistic talent, or involvement in certain activities or causes. Some are also targeted toward specific demographic groups. They're often competitive and require an application process which may involve writing essays or providing references.
Grants, on the other hand, are usually need-based. They're intended to make college more affordable for students who might not be able to attend otherwise due to financial constraints. The government, colleges, and private organizations offer grants. Your eligibility for federal grants, such as the Pell Grant, is determined by the FAFSA (Free Application for Federal Student Aid). Notably, The FAFSA no longer uses Expected Family Contribution (EFC) but instead Student Aid Index (SAI).
As for which is more common, it somewhat depends on your personal situation. If your family has a lower income, you may qualify for more grants. Meanwhile, if you're a high-achieving student or athlete, you might have many scholarship options.
As to which is easier to get, it also depends. Grants like the Federal Pell Grant have clear eligibility criteria based mostly on financial need. On the other hand, scholarships can be highly competitive, especially those with larger awards or from well-known organizations. However, there are also smaller, less competitive scholarships out there.
Make sure to look into all of your options for both grants and scholarships, and remember that every little bit can help reduce the cost of college.
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