Defining Grants vs. Scholarships?

Paying for College
1

<p>Am I to understand that Scholarships are generally guaranteed for 4 years/8 semesters so long as you meet internal requirements (such as service work or grades) and that as such they are preferable to Grants because grants may fluctuate based on need and if your income goes up your amount is likely to decrease?</p>

<p>We have a substantial scholarship for merit, granted before our FASFA was even filed. Another comparable university is offering a substantial grant. We will of course contact the schools for clarity, but we are reading the information and understanding that while neither will need to be paid back, the risk with the Grant is that it is not locked in and will change as our income (which fluctuates and may rise greatly in the next 2 years) goes up.</p>

2

<p>If your grant is a need based Grant, it was awarded based on your financial need. This is evaluated annually. In most cases, if your income goes UP, your grant goes DOWN. </p>

<p>Scholarships are typically awarded based on merit. The criteria and duration of these awards are usually contained in the award letter. In most cases, there is a minimum GPA requirement. Usually these are for four years of study. </p>

<p>Call the schools to verify. </p>

<p>If your income does indeed fluctuate, the merit award is probably a safer choice.</p>

3

<p>Also check if your scholarships are renewable. Some are just for freshmen year.</p>