Ever wonder the difference between a grant and a scholarship? Financial needs qualify students for a grant. Scholarships are merit-based and awarded to students based on their academics, extracurricular activities, athletic skills, and more. Student-athletes use loans as a more common tool of financial aid. There is a variety of international student loans available for student-athletes to come to the U.S. for college. For example, check out this website that offers funds for university-related expenses for international students.

GRANTS

First, financial eligibility for a grant is qualified through the difference between the college’s cost of attendance (COA) and the expected family contribution (EFC). Some grants are based solely on the EFC. Eligibility for state grants, like the Cal Grants and New York TAP Grants, often involves an income cutoff.

Grants are usually awarded by the federal and state governments and by colleges and universities. For example, the Federal Pell Grant is the largest single grant program. Almost half of all grants come from colleges and universities. More than a quarter of grants are Federal Pell Grants, and the rest are evenly split between military student aid and state grant programs. Grants for college are a form of financial aid that does not usually get repaid. They cover a variety of education-related expenses, such as tuition and fees, room and board, and books and supplies.

Secondly, to apply for grants file the Free Application for Federal Student Aid (FAFSA) at https://studentaid.gov as soon as possible on or after October 1. Most foreign citizens are not eligible for aids from the U.S. Department of Education, but you can always apply.

SCHOLARSHIPS

However, eligibility for a scholarship is based on merit. Merit scholarships include those that are awarded based on academic, artistic, or athletic talent. Some scholarships have requirements similar to grants. Many grants require the student to maintain at least a minimum GPA to renew the need-based grant.

Scholarships that are awarded to graduate students are often called fellowships.

Finally, private scholarships and fellowships total about $6 billion a year to millions of students. The average college scholarship is about $4,000, received by about 1 in 8 college students. To get help earning a scholarship reach out to us here at ASM Scholarships.