What is the different between scholarship and financial aids?

Answer 1

Have you taken the SATs yet? Do they still do analogies? Try this: "Scholarship" is to "financial aid" as "hamburger" is to "food." Simply put, scholarships are one of several kinds of financial aid usually intended for use by a student to attend an institution or higher learning (college, university, etc.) Scholarships are considered "gift aid" or "free money," meaning that the recipient does not have to repay these funds.

"Grants," too, do not need to be repaid. Some people use the terms "grants" and "scholarships" interchangeably; others allege that "grants" are awarded based on a student's need while "scholarships" are awarded based on academic performance or merit. Neither definition is correct or incorrect -- chances are that you will encounter both uses of the term(s) in your educational career. Neither grants nor scholarships are necessarily *always* based on need, nor is either type "always" based on academics/merit -- it's really up to the donor what type of funding they choose to provide, for what reason, and what they choose to name it...


At most schools, "Financial Aid" is used as a general term that encompasses scholarships, grants, fellowships, loans, student employment, assistanships, tuition remission... and so on. Some schools *will* draw a distinction between "scholarships" (i.e. "gift aid" or "free money") and "financial aid," but this is generally because of the all-too-widespread belief that "financial aid" just means "loans."

Answer 2

Financial aid is usually provided by state and federal sources and can include both grants and student loans, while scholarships come from a wide variety of sources and never have to be paid back.

Answer 3

Scholarship, you don't have to pay anything back, you just have to maintain the grades/attendance that they require. Financial aid...depending on what kind you get, you have to pay it back over a fixed term of time. I'm paying mine back for college and I have to pay $50 a month, but I can pay it back within 10 years. There are also pell grants which is also financial aid that the gov. hands out which you don't have to pay back. Good luck, and hope this helps! :)

Answer 4

A scholarship comes from the school, business, etc. while financial aid (grants) come from the federal gov.

Answer 5

A scholarship you don't have to pay back. Usually companies give them out. Financial Aid is basically a loan for a certain period of time then you have to start paying it back.

Answer 6

If you study successful with good grades, you will have scholarship. Financial aids can be offered to the students with less successful in study.