Financial aid is a form of assistance that can be used to cover educational costs while enrolled in a program to earn a degree. It is often lent to students or given to them to help pay for college. Grants and scholarships are two types of financial aid that do not need to be paid back. When it comes to the terms “scholarship” and “financial aid”, they are often used interchangeably.
However, there is a key distinction between the two. Scholarships are considered a part of the larger umbrella of financial aid. Academic scholarships are awarded based on merit or academic achievement. They are usually granted by universities or other organizations and can be used to cover tuition fees, books, and other educational expenses.
On the other hand, financial aid is typically awarded based on need and can include grants, loans, and work-study programs. In order to make an informed decision when it comes to paying for college, it is important for students to understand the difference between academic scholarships and financial aid. Academic scholarships are awarded based on merit or academic achievement while financial aid is typically awarded based on need. It is important for students to research all of their options when it comes to paying for college. Financial aid packages may include a combination of scholarships, grants, and student loan offers, depending on their financial situation. Understanding the difference between academic scholarships and financial aid can help students make an informed decision when it comes to paying for college.
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