Understanding College Financial Aid: Pros and Cons of Grants VS Scholarships

Navigating financial assistance can be a complex task, especially if you're a first-generation student or unfamiliar with the college application process. The positive news is that understanding the terminology surrounding college grants and scholarships can make your financial aid options more clear and straightforward. While both grants and scholarships provide free funds to make higher education more affordable, they differ in terms of application processes, qualifications, and ongoing eligibility requirements. By understanding these distinctions, you can determine which option suits your needs best.


Understanding College Grants vs. Scholarships


The primary difference between grants and scholarships is that grants are need-based, while scholarships are merit-based. Grants are awarded based on specific demographic factors, such as financial need, family size, and unique life circumstances (such as being in the foster system). Some private-sector grants also cater to specific ethnicities or religions.


On the other hand, scholarships are determined by your achievements. Many institutions offer academic merit-based scholarships, where eligibility is based on your GPA. However, grades aren't the sole determining factor for merit-based financial aid. Scholarships are also available to students with specific majors or those who have demonstrated exceptional leadership skills or community involvement.


College Grants


Pros




  • They do not need to be repaid.

  • They do not require a specific GPA.

  • They are widely available from the state government, federal government, nonprofit organizations, and schools.


Cons




  • Government-issued grants may come with certain conditions. For example, if you drop classes or receive additional outside funds that decrease your financial need, you may be required to repay part or all of the grant.


College Scholarships


Pros




  • They do not need to be repaid.

  • There are no limits to the number of scholarships you can receive.

  • They are widely available from the state government, federal government, nonprofit organizations, and schools.

  • You can receive scholarships even if you have a higher family income.


Cons




  • They are highly competitive.

  • Some applications can be time-consuming.

  • They may require you to maintain a specific GPA to retain eligibility.


Application Processes


You can easily apply for state and federal grants by completing the Free Application for Federal Student Aid (FAFSA). Your eligibility will be determined automatically based on your family income and other factors. For private grants and scholarships, you'll need to apply individually to various organizations.


Fortunately, several websites allow you to search for financial aid opportunities based on your demographics, skills, grades, and more. Websites like Finaid, Fastweb, and CollegeXpress can assist you in finding scholarships and grants to apply for.


Most universities also offer their own grant and scholarship opportunities, so it's worth inquiring about them as you navigate the application process. Before deciding that you can't afford to attend a particular school, consider applying and waiting to receive your financial aid offer letter.


Identifying the Best Financial Aid Option for You


You don't have to choose between a grant or a scholarship - you can apply for both! However, it may be more beneficial to focus your energy on one or the other.


If you have a strong academic record, have taken honors or AP classes, or have an exceptional GPA, scholarships may be worth the time and effort it takes to apply. Scholarships may also be a good option if you excel in writing, as many require an essay or personal statement. Showing interest in specific programs, such as music, journalism, or athletics, can also increase your chances of receiving supplemental grants.


Grants require less time on the application side but are generally geared towards lower-income families, minorities, students with disabilities, and individuals with high financial need. If you fall into one of these categories, you may qualify for grants that are not state or federally funded.


Both grants and scholarships provide valuable support to make college more accessible for all students. To learn more about understanding financial aid or applying for grants vs. scholarships, reach out to the Azusa Pacific Undergraduate Admissions team.



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