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Difference Between Financial Aid And A Grant
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Article on Difference Between Financial Aid And A Grant
The terms financial aid and grants are often used interchangeably with people not really knowing whether there is a difference between them. It is a known fact that college students can benefit from them, however it is always good to know the basis of each, and if one has any advantage over the other.
Financial Aid
Financial aid is exactly as the name would imply. It is aid given to college students in order to alleviate some, or all, of the cost entailed in obtaining an education. An individual can benefit from financial aid in the form of a grant, scholarship, loan and work study, and this list is by no means all inclusive. Most often financial aid is sought since the cost of education can be so expensive. It is a common error to initially consider the cost of tuition and books alone, because parents also need to account for accommodation, transportation, food, day to day allowances, and any other miscellaneous expenses. With this in mind, it is often understood that some form of financial aid may be required.
Grants
It can be a bit difficult to identify the difference between financial aid and a grant. First and foremost, all minds can be put at ease in knowing that grants are not repaid and are not to be confused with a loan which is another form of financial aid that does need to be repaid. A student can apply for a grant, and it can be awarded based on financial need, academic performance and other contributing factors which have been established by the entity awarding the grant. It is evident that the difference between financial aid and a grant lies in the context within which it is being used. Generally speaking then, grants are a form of financial aid.
Grant Funding
Financial aid can be awarded by non-profit organisations such as the government, businesses and foundations (non profit and private). Someone interested in receiving a grant may submit a proposal to the relevant body, laying out the reason, plans and studies applicable to the request of the grant. In some cases the contributor of the grant may put forward the intention of awarding a grant in a particular area. When grants are awarded to students it is necessary for them to complete the requirements of the grant otherwise there may be penalties incurred. It is important to note that grants are not only specific to students.
When trying to understand the difference between financial aid and a grant, it is important to understand that a grant is simply one form of financial aid that does not need to be paid back. There are terms and conditions which must be met in order to qualify for the grant, and there are other conditions which must be adhered to in order not to be penalized. The ultimate penalty would be having the grant revoked. In any case, a grant is just one kind of financial aid that is available to students.
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