Scholarships give hope to various smart and hardworking students all over the country. There are various types of scholarships, and you might have heard about entrepreneur scholarships. Barry Epling, a businessman and founder of a scholarship program for young entrepreneurs, believes that preparing entrepreneurs at a young age helps businesses thrive in America.
Scholarships are not the only type of financial aid that a student can get. There are grants and loans too. If you are not fully aware of your options, here are details about each one of them.
A comparison between a grant and a scholarship
There are some similarities between a scholarship and a grant. The most common factor between these two is that they are free kinds of academic aid. So, a student doesn’t have to repay the money he/she got from this aid. But the terms for each one are not the same. Basically, a grant is targeting a student in need without much focus on academic performance. On the other hand, a scholarship is all about rewarding a hardworking student with high grades and solid academic achievements. Also, a scholarship takes into consideration extracurricular activities.
How to get a grant for college?
The major condition for getting a grant is the financial need of a student. The funder of these grants is usually the government. In order to qualify for a grant, a student should provide proof of financial status. Also, qualifying for a grant depends on the tuition fees of the chosen school. Of course, a student’s grade matters in getting a grant, but it is not the main factor. Getting one grant won’t stop a student from qualifying for more. You can easily apply and get more grants as long as you meet the terms and your chosen field requires more funds.
Downsides to college grants
Grants are not as common as scholarships, as the government tends to fund few grants. Also, they are not easy to get, as it requires further investigation of a student’s financial need.
It is another free aid that a hardworking student with a high GPA can get. Unlike grants, the government is not responsible for funding these programs. Businessmen, large companies, and various organisations fund and offer scholarships. However, the terms are somehow complicated and hard to fulfil for many students. In addition to the high grades, a scholarship usually goes to students choosing an in-demand major. Scholarship programmes are famous for being highly competitive.
There are typically programs to encourage ethnic students to help improve their communities. Also, LGBTQ students can find specific scholarship programs.
What are student loans?
Student loans, on the other hand, can’t fall under the category of free financial aid. They are not free and a student must repay them. A student shouldn’t only repay the whole sum of the loan but the interest as well. For many students, qualifying for a loan is much easier than getting a scholarship. The terms for getting a loan are not as complicated as getting a scholarship or a grant.