Grant vs Scholarship – Difference and Comparison

What is Grant?

A grant is a sum of money given by an organization to another entity, with the purpose of achieving a specific goal.

Grants are awarded based on an evaluation of need or merit. There are many different types of grants available, from small personal grants to large federal grants.

The funding may come from various sources, including governments, corporations, or private foundations.

Grants are often awarded based on merit or need and the recipients’ needs. They are required to submit progress reports or undergo audits. They ensure that the money is being used as intended.

The main goal is to provide financial assistance to individuals or groups.  Otherwise, they would not be able to afford the costs associated with the project or activity.

What is Scholarship?

A scholarship is an award that gives financial aid to a student to help pay for their education. Scholarships can come from the government, schools, organizations, or private donors.

They can be based on financial needs, academic achievement, or other factors. Scholarships can be used to pay for tuition, books, and other educational expenses.

Scholarships reflect the values and purposes of the donor or founder of the award. Scholarships can be need-based, merit-based, or sometimes both.

Scholarships are need-based, merit-based, or targeted to specific groups like women, minorities, or students with disabilities. They select on the basis of academic achievement.

Scholarship money is not required to be repaid.  They are a highly desirable form of financial assistance. Students can apply for scholarships at any time during their education, from high school through graduate school.

Difference Between Grant and Scholarship

Grants are need-based, while scholarships are merit-based.

Grants are provided by the government or a non-profit organization. Scholarships are sponsored by a school, business, or individual.

Grants tend to be more flexible in how they can be used. Scholarships have more specific usage requirements.

Grants often have longer application deadlines than scholarships.

Comparison Between Grant and Scholarship

Parameters of comparisonGrant Scholarship
DefinitionA grant is a financial award given by a government agency, a foundation, or a private organization to a recipient to support a project or activity.A scholarship is a financial award given to a student to help them further their education.
RecipientsThe federal government provides grants to a variety of entities. They include non-profit organizations, veterans’ organizations, colleges and universities, and businesses.These students have worked hard in their academics and have earned the right to be called scholarship recipients.
TypesThere are no specific categories.There are merit-based, need-based, student-specific, and career-specific awards.
Main goalsThe main goal is to obtain funding for your project, program, or organization.The main goal of a scholarship is to help you pay for your education.
DeadlinesThey have a longer application.They are used in fewer situations.