Scholarship: A scholarship is generally an amount paid or allowed to a student at an educational institution for the purpose of study. Scholarships are usually merit-based (based on your academic or athletic talent, or on your interest in a specific subject or career), or for financial need. Scholarships do not have to be paid back. All scholarships have firm application deadlines. Most have certain criteria you need to meet. Important to note: if you receive scholarships outside of your school's financial aid package, it may reduce your financial aid.
Grant: A grant is a sum of money given by an organization, especially a government, state or college, for a particular purpose. Grants do not have to be paid back (unless you default on your contract). Many grants are based on need, that is, they are based on your or your family's financial circumstances.
Fellowship: A fellowship is a type of grant and is generally an amount paid or allowed to an individual for the purpose of study or research (or in exchange for a prescribed purpose). Fellowships often support post-graduate projects which may be pursued outside the normal curriculum. Typically, funding is provided by a foundation, institution or other organization to support academic work, research, independent projects or community service activity. Some popular fellowships are: Fulbright, Rhodes, Marshall, and Truman.
Tips from experts in this field:
1. Never pay for scholarship information or applying for a scholarship. If you do have to pay, it is probably a scam.
2. Approach the challenge of finding scholarships as if you are looking for a job. You will need to apply for many jobs to find the right one.
3. You can never apply for too many scholarships.
4. Complete all the optional questions in the scholarship search profile for more scholarship matches.
5. Set up profiles on multiple search engine sites to catch as many opportunities as possible.
6. Start early! Meet deadlines. And check often for college scholarships.
7. Check eligibility requirements to make sure you qualify before filling out application form.
8. Check with your Financial Aid Office and your Department/School to see what's available there. Don't be afraid to ask questions.
Profiles more than 7,300 scholarships, fellowships, loans, internships, work study, and other education-related financial aid available to high school students, undergraduates, graduates, post-graduates, and professionals.