Many people tend to think of grants and scholarships as the same thing. Like scholarships, money received from a grant is not a loan and it does not have to be repaid. However, grants do differ from scholarships because they tend to focus on helping students who demonstrate financial need. Scholarships, on the other hand, are generally based on rewarding some type of accomplishment.
When looking into all the different ways you can help finance a child’s college education, you may find grants to be a helpful piece of your strategy. Even if you don’t feel you qualify for grants based on financial need, they are worth investigating because not all grants are strictly need-based.
Some of the different groups that provide grants are:
- The federal government
- Individual states
- Individual colleges and universities
- Businesses
- Nonprofit organizations, and community groups
Most people looking to pay for college consider a mix of savings and financial aid. Grants too could part of the mix that helps you get to your goal.