What is the difference between grants and scholarships? Further scholarship information?
Asked by
Macaulay (
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January 12th, 2010
I would like a clear explanation of grants and scholarships. In which case does the school contact you? How does one find scholarships/grants? How do you afford scholarship scams? Lastly, what are interesting grants/scholarships that you know of?
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3 Answers
for a second there I thought you said Fluther scholarship…
Question edit: How do you avoid scholarship scams*.
Grant, in general, is tax exempt, free money, usually from 501 entities (or the government) given to individuals for a variety of reasons, which includes education, business, research, etc…). You do not have to pay the grant back, nor do you have to pay taxes on it. However you must meet certain criteria in order to receive the grant.
Scholarship – money given only to students for educational use, that you do not have to pay back, but may or may not be tax exempt, depending on how or what it’s used for. ... typically, tuition, books, fees, supplies, etc…that are directly related to the course of study or program is tax free. On the other hand, scholarship money used for room and board is not tax free. You also have to meet certain criteria before the scholarship is granted and must continue to meet them in order to continue receiving the benfit in the future years… it includes meeting min. grades, acceptable conduct and other restrictions, which if you fail to meet, the scholarship can be retracted.
Best place to start the school financing process is by filing up a FAFSA form. (http://www.fafsa.ed.gov/)
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