The word "scholarship" can cause confusion. Precise usage limits the use of scholarship to "free money" given to students to help cover educational costs. However, many people, including college financial aid officials and program sponsors, use the word generically to refer to all forms of student gift aid including fellowships and grants, especially if a program covers both undegraduate and graduate levels of study. There are different type of grants that all should be aware of that are listed below to eliminate confusion and any chance of scholarship fraud.
Scholarships: Undergraduate gift aid that is used to pay educational costs.
Need-Based Scholarships: Gift aid based on demonstrated need. Need, as defined by colleges and the federal government, is the difference between the cost of attending a college and the EFC, which is determined by a federal and/or institutional formula.
Merit-Based Scholarships: Financial aid based on criteria other than financial need, including academic major, career goals, grades, test scores, athletic ability, hobbies, talents, place of residence or birth, ethnic identity, religious affiliation, your own or your parents' military or public safety service, disability, union membership, employment history, community service, or club affiliations. The prepondence of scholarship programs described in this book are merit based, although many also use need to set the size of the award.
Prizes: Money given in recognition of an outstanding achievement. Prizes often are awarded ot winners of competitions.
Internships: A defined period of time working in the intern's field of interest with and under the supervision of the professional staff of a host organization. Ofter the intern works part-time or during the summer. some internships offer stipends in the form of an hourly wage or fixed allowance.
Assistantships: Graduate-level awards, usually waiving all of some tuition, plus an allowance for living expenses. In return, the recipient works at teaching or research facilities. Teaching assistants teach in their field of study. Research assistants often work on projects related to their dissertation or thesis.
Work-Study: When capitalized, Work-Study refers to a federally supported program that provides students with part-time employment during the school year. The federal government pays part of the student's salary. Employers are usually college departments. Local agencies also ccan participate in the program. Eligibility for Federal Work-Study is based on demonstrated need. Work-study (not capitalized) is used to describe any student job in an aid package.
Grants: Graduate or postdoctoral awards to support specific research or other projects. Grants cover expenses directly related to carrying out the proposed research (e.g., materials, interview costs or computer time). Sometimes a grant includes allowances for travel and living expenses incurred while conducting research away from the home institution. Usually, living expenses at the home university are not covered. (Note: The word grant is also used to refer to undergraduate gift aid such as the Federal Pell Grant.)
Sources of financial aid include private agencies, foundations, corporations, clubs, fraternal and service organizations, civic associations, unions, and religious groups. These sponsors provide grants, scholarships, and low-interest loans. Some employers also provide tuition reimbursement benefits for employees and their dependents. |
