When it comes to funding your education, there are few better resources available to students than those offered on the FAFSA. However, students are often unsure what options are better than others. There is no clearly defined answer to this, as each student’s situation will be different. Additionally, as all federally awarded programs are offered on a financial need basis, some students may not qualify for all types of aid. But for those who do, the following question often arises: are Scholarships better than grants, or vice versa?
The best way to answer this question is to provide an understanding of the differences between grants and scholarships and how they relate to one another on the FAFSA or Free Application for Federal Student Aid. While both are forms of educational funding that never has to be repaid, each may have different requirements.
Scholarships: Scholarships are usually awarded in conjunction with some kind of academic achievement. Scholarships are usually awarded to incoming freshmen students, but are also often granted to other undergraduates. Additionally, some groups and organizations offer scholarships under other conditions. Generally, a student must meet certain criteria throughout the scholarship process: during the application, while the award is being distributed, and even after the award has been disbursed.
Grants, on the other hand, usually do not have so many requirements. Grants are usually awarded when a person belongs to particular group or profession, or when their studies fit certain profiles. Grants may be harder to get, but once they are awarded there are rarely any further requirements, other than that the grant be used for its intended purposes only.
So in essence, a grant is not better than a scholarship. In fact, students who are applying for federal aid via the FAFSA would do well to apply for both, and accept as many awards as they can get. After all, free money for college is free no matter the source!
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