What is the Difference Between Scholarships, Fellowships and Grants? A Complete Guide to Educational Funding

Introduction: Understanding Your Funding Options

Paying for college feels overwhelming, doesn’t it? With tuition costs climbing year after year, finding ways to fund your education has become more important than ever. The good news? You’re not alone in this journey, and there are multiple funding options available to help you achieve your academic dreams.

Many students get confused when they hear terms like “scholarships,” “fellowships,” and “grants” thrown around. While these funding sources share similarities, understanding the difference between scholarships, fellowships and grants can significantly impact your ability to secure the right financial support for your educational journey.

Whether you’re a high school senior planning for college, a graduate student pursuing advanced studies, or a researcher seeking funding for your work, this comprehensive guide will walk you through everything you need to know about these three major forms of financial aid. By the end, you’ll have a clear understanding of which funding options match your academic level, goals, and needs.

Quick Takeaways

• Scholarships are primarily merit-based or need-based awards for undergraduate and graduate students that typically cover tuition and educational expenses
• Fellowships are prestigious awards mainly for graduate students and researchers that often include stipends, research funding, and professional development opportunities
• Grants are need-based financial aid primarily from government sources that help students with demonstrated financial need cover educational costs
• None of these require repayment (unlike student loans), making them the best forms of financial aid available
• Application processes differ: Scholarships may require essays and transcripts; fellowships often need research proposals; grants primarily require financial documentation through FAFSA
• Tax implications vary: Funds used for tuition and required fees are generally tax-free, but amounts for living expenses may be taxable
• Timing matters: Starting your search early and applying to multiple opportunities significantly increases your chances of securing funding

What Are Scholarships?

Definition and Purpose

Think of scholarships as financial gifts designed to reward your achievements or help overcome financial barriers to education. Scholarships are forms of financial aid awarded to students to help cover their education costs, typically granted based on academic merit, financial need, athletic ability, or other characteristics like belonging to a minority group or excelling in a particular field.

The beautiful thing about scholarships? They never require repayment. Once awarded, that money is yours to use for your education, provided you meet any ongoing requirements set by the scholarship provider.

Types of Scholarships

Merit-Based Scholarships

Academic scholarships are awarded based on academic performance and scholarly achievements. These recognize your hard work in the classroom through high GPAs, standardized test scores, or outstanding academic projects. Many universities offer automatic merit scholarships to admitted students who meet certain academic thresholds.

Need-Based Scholarships

Need-based scholarships are awards given to college students based on their expected family contribution, or the amount of money that a student’s family is able to pay for their college tuition. These scholarships level the playing field for students whose families face financial challenges in paying for college.

Athletic Scholarships

Given to student-athletes who demonstrate exceptional talent in sports, these scholarships help colleges recruit talented players while helping students afford their education. Athletic scholarships can be full-ride (covering all expenses) or partial.

Identity-Based Scholarships

Many organizations offer scholarships specifically for underrepresented groups, including scholarships for women in STEM, first-generation college students, students of color, LGBTQ+ students, and students with disabilities.

Field-Specific Scholarships

These target students pursuing particular majors or career paths, such as teaching, nursing, engineering, or the arts. Professional organizations often sponsor these to encourage students to enter their field.

Who Can Apply?

Scholarships are available for both undergraduate and graduate students. Every year, college students apply to 5 million scholarships worth a total of $24 billion. However, the reality is that most private scholarships award relatively modest amounts.

According to reporting from 2015-16 data, over 1.5 million college students received scholarships, but the average amount awarded per student was under $4,000. While this might not cover all your expenses, every dollar helps reduce your overall educational debt.

Duration and Amount

Scholarships are usually for an academic year or semester. Most require reapplication or maintaining specific criteria (like a minimum GPA) to renew for subsequent years. Amounts vary widely, from a few hundred dollars to full-tuition coverage, depending on the scholarship’s funding source and criteria.

Application Requirements

Typical scholarship applications include:

• Academic transcripts showing your grades and coursework
• Personal essays that tell your story and explain why you deserve the scholarship
• Letters of recommendation from teachers, counselors, or community leaders
• Resume or CV highlighting your achievements, activities, and work experience
• Financial documents (for need-based scholarships)
• Test scores (SAT, ACT, GRE, etc.)

What Are Fellowships?

Definition and Purpose

Fellowships operate differently from scholarships. Fellowships are prestigious awards granted to individuals, typically for advanced study, research, or professional development within specialized fields. They’re designed to support intensive academic or professional pursuits, often involving original research, creative work, or specialized training.

Fellowship is a status within the University or research institute and it may or may not include financial aid. This is a crucial distinction—receiving a fellowship isn’t always about the money; it’s often about the prestige, access, and opportunities it provides.

Types of Fellowships

Research Fellowships

Research fellowships support individuals conducting specific research projects. These allow you to dedicate time to investigating questions in your field, often leading to publications, innovations, or contributions to academic knowledge.

Postdoctoral Fellowships

Postdoctoral fellowships are aimed at those continuing research after completing their doctoral studies. These bridge the gap between earning a PhD and securing a tenure-track position or other career opportunity.

Academic Fellowships

Academic fellowships are offered within universities to support scholarly activities. These might include teaching fellowships, dissertation fellowships, or writing fellowships that provide time and resources to complete major academic projects.

Professional/Industry Fellowships

Industry-specific fellowships are tailored to advance knowledge and skills in particular professional sectors. These might place you in government agencies, nonprofits, corporations, or international organizations to gain practical experience.

Who Can Apply?

Here’s where fellowships differ significantly from scholarships: Unlike scholarships, though, most fellowships support graduate students. While a small number of undergraduate fellowships exist, more commonly a fellowship funds master’s and doctoral students.

Scholarships are granted to student level and above, and fellowships are mainly for experienced individuals to apply. If you search for “fellowships for journalists,” you’ll primarily find opportunities for experienced professionals to conduct investigations and research, rather than students learning journalism basics.

Financial Benefits

The financial support from fellowships often exceeds that of scholarships. Fellowships offer stipends, research funding, and sometimes additional benefits like travel grants or health insurance.

For example, at Cornell, graduate fellowships provide $28,500-$33,000 in annual funding, depending on the department. Some prestigious fellowships can provide grants of $5,000 to $50,000 a year, while others may come with free housing, travel aid, health insurance, student loan forgiveness, or free housing.

Additionally, compared to a scholarship, which typically offers a set amount of aid for a single year, a fellowship often covers tuition costs and provides a monthly stipend.

Duration and Expectations

Fellowships can range from a few months to several years. More often than scholarship awards, fellowship grants will include an internship or other service commitment, often for a period of one or more years.

Unlike many scholarships that simply reward past achievement, fellowships often involve active work commitments. You might need to conduct specific research, teach courses, participate in professional development activities, or work on designated projects as part of your fellowship.

Application Requirements

Fellowship applications are typically more rigorous than scholarship applications:

• Research proposals outlining your planned work
• Writing samples demonstrating your scholarly ability
• Letters of recommendation from academic advisors or professional mentors
• CV or academic resume highlighting research experience and publications
• Personal statements articulating your goals and how the fellowship supports them
• Transcripts showing strong academic performance
• Interview participation (for finalists)

The Prestige Factor

Beyond financial support, fellowships may grant special status and privilege to the students and significantly improve their access to contacts and development opportunities. Being named a Fulbright Fellow, Rhodes Scholar, or Guggenheim Fellow carries weight throughout your career, opening doors and signaling your expertise to future employers, collaborators, and funding sources.

What Are Grants?

Definition and Purpose

Grants represent the most accessible form of financial aid for many students. A scholarship is generally an amount paid or allowed to a student at an educational institution for the purpose of study. A fellowship grant is generally an amount paid or allowed to an individual for the purpose of study or research. Other types of grants include need-based grants (such as Pell Grants) and Fulbright grants.

The key characteristic of grants? They’re primarily need-based rather than merit-based. A grant is generally need-based, and depends largely on the student’s family financial circumstances.

Types of Grants

Federal Pell Grants

The Pell Grant is the foundation of federal financial aid for undergraduate students. Pell Grants are need-based aid that is intended to be the foundation for all need-based federal student aid awarded to undergraduates. Unlike loans, students do not repay Pell Grants.

For the 2024-2025 academic year, the maximum Pell Grant award is $7,395. The actual amount you receive depends on your financial need, cost of attendance, enrollment status (full-time or part-time), and length of enrollment.

In FY2023, the program provided $31 billion in aid to approximately 6.5 million undergraduate students, making it one of the most significant sources of need-based aid available.

Federal Supplemental Educational Opportunity Grants (FSEOG)

The Federal Supplemental Educational Opportunity Grant (FSEOG) is a grant program administered directly by the financial aid office of participating schools. Students who will receive Federal Pell Grants and have the most financial need will receive FSEOG first. Like Pell Grants, FSEOG doesn’t require repayment.

State Grants

Many states offer their own grant programs for residents attending in-state schools. These programs vary significantly by state, with some offering generous support and others providing more limited assistance. State grants vary by location, with many states offering aid to residents attending in-state schools.

Institutional Grants

Colleges and universities often provide their own need-based grants using institutional funds. These grants help bridge the gap between what students can afford and what college costs, making education more accessible.

TEACH Grants

Teacher Education Assistance for College and Higher Education (TEACH) grants are available to those who plan to teach in a high-need field and can help cover school costs. However, these come with strings attached—if you don’t fulfill the teaching service requirement, the grant converts to a loan that must be repaid.

Who Qualifies?

To be eligible for federal grants, you must meet several requirements:

• Be a U.S. citizen or eligible non-citizen
• Have a valid Social Security number
• Be enrolled or accepted in an eligible degree or certificate program
• Demonstrate financial need (for most grants)
• Maintain satisfactory academic progress
• Not owe refunds on federal student grants or be in default on federal student loans

Although there is no absolute income threshold that determines who is eligible or ineligible for Pell Grants, an estimated 92% of Pell Grant recipients had a total family income at or below $60,000 in academic year 2021-2022.

How to Apply

The application process for grants is more straightforward than for scholarships or fellowships. You can receive grants from the federal government, state governments, colleges and universities, and private organizations.

Step 1: Complete the FAFSA

The Free Application for Federal Student Aid (FAFSA) is your gateway to federal grants. You’ll need to provide:

• Your Social Security number
• Your parents’ financial information (if you’re a dependent student)
• Your own financial information
• Records of untaxed income
• Federal tax information or tax returns

Step 2: Review Your Financial Aid Package

After submitting your FAFSA, schools will send you a financial aid award letter showing what grants, scholarships, work-study, and loans you’re eligible to receive.

Step 3: Accept Grant Offers

Always accept grants first, before considering loans, since grants don’t require repayment.

Important Conditions

While grants don’t require repayment under normal circumstances, certain situations can trigger repayment obligations. Grants may have to be repaid under certain circumstances: if the student withdraws from the program, there’s a change in the status of enrollment (full-time to part-time), or the financial need is reduced by other grants or aid.

Additionally, if a student receives a scholarship, they will probably have to maintain some academic standard, such as a certain GPA, to continue to receive the scholarship. This same principle often applies to grants—you’ll need to maintain satisfactory academic progress to continue receiving funding.

Key Differences: Side-by-Side Comparison

Eligibility Criteria

Scholarships: Based on merit (academic achievement, athletic ability, special talents) or financial need. Available to both undergraduate and graduate students.

Fellowships: Primarily merit-based, awarded to graduate students, postdoctoral researchers, and professionals with proven expertise. Focus on academic excellence and research potential.

Grants: Primarily need-based, determined by family financial circumstances. Most federal grants target undergraduate students, though some support graduate education.

Academic Level

Scholarships: Scholarships are primarily awarded based on merit or need and can be used for undergraduate or graduate education.

Fellowships: Fellowships are generally not need-based and are merit-based. Fellowship funding is generally discretionary for student awardees to use as they see fit to support themselves while pursuing graduate study.

Grants: Predominantly for undergraduate students, with federal Pell Grants exclusively for undergraduates who haven’t earned a bachelor’s degree.

Financial Support Structure

Scholarships: Scholarships typically cover tuition and basic living expenses.

Fellowships: Fellowships offer stipends, research funding, and sometimes additional benefits like travel grants or health insurance.

Grants: Cover portions of tuition, fees, and sometimes living expenses, but rarely cover the full cost of attendance.

Application Process

Scholarships: Scholarships often require applicants to demonstrate academic excellence or specific talents through essays or interviews.

Fellowships: Fellowships are generally aimed at graduate students or professionals seeking advanced training or research opportunities and require detailed research proposals, writing samples, and rigorous review processes.

Grants: Primarily require completion of the FAFSA and demonstration of financial need through documentation of family income and assets.

Career Impact and Benefits

Scholarships: Scholarships help alleviate the financial burden of education.

Fellowships: Fellowships provide opportunities for professional advancement, networking, and practical experience in specialized areas.

Grants: Make college accessible for low-income students who might otherwise be unable to attend.

Funding Sources

Scholarships: Scholarships and grants are granted by the federal government in the US, state governments, colleges, and private organizations (companies, foundations, community organizations, etc.).

Fellowships: Fellowships are given by university, research foundations, and other academic institutions. Notable examples include Fulbright Fellowships that support grad students conducting research abroad.

Grants: Primarily from federal and state governments, with some institutional grants from colleges and universities.

Repayment Requirements

All three forms of financial aid share one critical advantage: they don’t require repayment under normal circumstances. However, there are exceptions. If you get a grant and then drop out of school after you receive the funds, you might have to repay some of the money. Some grants come with specific conditions. For example, if you change your mind about teaching, or don’t fulfill the service requirements after finishing school, your TEACH Grant will revert to a student loan and you’ll have to make payments.

Tax Implications: What You Need to Know

Understanding the tax treatment of scholarships, fellowships, and grants is crucial for financial planning. The IRS has specific rules about when these forms of aid are taxable.

When Financial Aid is Tax-Free

Scholarships, fellowship grants, and other grants are tax-free if you meet the following conditions: You’re a candidate for a degree at an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities; and the amounts you receive are used to pay for tuition and fees required for enrollment or attendance at the educational institution, or for fees, books, supplies, and equipment required for courses at the educational institution.

In simpler terms: if you’re pursuing a degree and use the money for tuition, required fees, and required course materials, you typically won’t owe taxes on scholarships, fellowships, or grants.

When Financial Aid is Taxable

Amounts received as payments for teaching, research, or other services required as a condition for receiving the scholarship or fellowship grant are considered taxable income. Additionally, money used for lodging and boarding, travel, or other expenses not required by colleges and universities is also taxable.

This means if you receive a fellowship stipend for living expenses or a scholarship that covers room and board, those portions may be taxable. The taxable part is calculated as the gross income for the tax returns.

Reporting Requirements

Generally, you report any portion of a scholarship, a fellowship grant, or other grant that you must include in gross income as follows: If filing Form 1040 or Form 1040-SR, include the taxable portion in the total amount reported on Line 1a of your tax return. If the taxable amount wasn’t reported on Form W-2, enter it on Line 8.

If any part of your scholarship or fellowship grant is taxable, you may have to make estimated tax payments on the additional income. Consult with a tax professional or use IRS resources to ensure you’re meeting your obligations.

How to Choose Which to Apply For

Feeling overwhelmed by all these options? Let’s break down how to decide where to focus your efforts.

Consider Your Academic Level

High school students and undergraduates: Focus primarily on scholarships and grants. Complete your FAFSA immediately to access federal and state grants. Search for scholarships based on your achievements, background, and interests.

Graduate students: Explore both fellowships and scholarships specific to your field. Look for research assistantships and teaching assistantships alongside competitive fellowships. Don’t ignore grants—some support graduate education, especially in teaching and public service fields.

Postdoctoral researchers and professionals: Concentrate on fellowships that support your research agenda or professional development. These prestigious awards can significantly advance your career.

Assess Your Financial Situation

If you have significant financial need, prioritize grants through the FAFSA process. Need-based scholarships should also be high on your list. Many schools automatically consider admitted students for need-based aid when they review your FAFSA.

If you come from a middle or upper-income family, focus more on merit-based scholarships and competitive fellowships that reward achievement rather than need.

Evaluate Your Strengths

Strong academic record? Merit-based scholarships and competitive fellowships are within your reach. Highlight your GPA, test scores, research experience, and academic honors in applications.

Athletic talent? Pursue athletic scholarships by connecting with college coaches early in your high school career. Create a highlight reel and attend recruitment events.

Unique background or experiences? Many scholarships target specific groups. Search for opportunities related to your ethnicity, gender, first-generation status, disability, geographic location, or intended field of study.

Research interests? Fellowships supporting specific research areas might be perfect. Look for opportunities from professional associations, research institutes, and government agencies in your field.

Think About Time Commitment

Scholarships typically require the least ongoing commitment—just maintain your grades and enrollment status. Fellowships often involve significant work commitments like conducting research, teaching, or participating in professional development activities. Grants usually just require maintaining satisfactory academic progress and enrollment.

Consider how much time you can dedicate beyond your coursework when deciding which opportunities to pursue.

Application Tips: Maximizing Your Success

Start Early

Timing is everything in the financial aid world. You will have to write essays, provide a resume or CV, transcripts and letters of recommendation. It takes time to collect and/or develop each of these materials.

Ideally, start researching opportunities at least a year before you need the funding. Many fellowships have deadlines a full year before the award period begins.

Create a Strong Foundation

Develop these materials once and customize them for different applications:

A compelling personal statement that tells your story, explains your goals, and demonstrates your passion

A polished resume or CV highlighting your achievements, experiences, and skills

A list of potential recommenders including teachers, professors, advisors, coaches, or employers who know your work well

Academic transcripts (request official copies from your schools)

Standardized test scores (if required)

Read Instructions Carefully

Program websites will give you valuable inside information and it is very important to read the application descriptions and instructions very carefully. Every scholarship, fellowship, or grant has specific requirements. Missing a required component or failing to follow formatting guidelines can result in automatic disqualification.

Write Compelling Essays

Your essays distinguish you from other applicants with similar credentials. Make them memorable by:

• Being specific: Use concrete examples and stories rather than generic statements
• Showing, not telling: Demonstrate your qualities through experiences rather than simply claiming them
• Connecting to the funder’s mission: Explain why you’re a perfect fit for this particular opportunity
• Being authentic: Let your genuine voice and personality shine through
• Addressing the prompt fully: Answer every part of the question asked

Secure Strong Recommendations

Some national scholarships require nomination from your academic institution. To be considered for one of these scholarships, you must go through a UW Bothell campus nomination process.

Ask recommenders early, provide them with your resume and key information about the opportunity, and follow up politely to ensure they submit by the deadline.

Apply Broadly

Apply early and often to all scholarships for which you are eligible. Don’t put all your eggs in one basket. The more applications you submit, the better your chances of securing funding.

Set a goal to apply for a certain number of opportunities each month. Even small scholarships add up, and the application practice will improve your skills for larger awards.

Complete Your FAFSA

Fill out a Free Application for Federal Student Aid (FAFSA). The priority deadline for the University of Washington is January 15th for the next academic year.

Complete your FAFSA as soon as possible after it opens on October 1. Many states and schools award aid on a first-come, first-served basis, so early submission gives you the best chance at limited funds.

Don’t Overlook Local Opportunities

While everyone chases prestigious national awards, local scholarships often have less competition. Check with:

• Your high school guidance office
• Local community foundations
• Civic organizations (Rotary Club, Lions Club, etc.)
• Your parents’ employers
• Local businesses
• Religious organizations
• Professional associations

Common Mistakes to Avoid

Missing Deadlines

Financial aid opportunities have firm deadlines. Missing them by even a day usually means missing the opportunity entirely. Use a calendar, set reminders, and aim to submit applications at least a few days early to avoid last-minute technical issues.

Applying for Inappropriate Opportunities

Read eligibility requirements carefully. If you don’t meet the criteria, don’t waste time applying. Focus your energy on opportunities where you’re truly competitive.

Submitting Generic Applications

Customize each application to the specific opportunity. Reviewers can tell when you’ve used a cookie-cutter approach. Tailor your essays and materials to align with each funder’s specific mission and criteria.

Ignoring Small Scholarships

Many students think $500 or $1,000 scholarships aren’t worth the effort. Think again. These smaller awards often have less competition and can add up quickly. Plus, they provide valuable application practice.

Not Following Up

After applying, verify that all materials were received. Check your email regularly for updates. If selected for an interview, respond promptly and professionally.

Forgetting to Renew

Many scholarships and grants require annual renewal applications or maintenance of certain criteria. Keep track of renewal deadlines and requirements to ensure your funding continues.

Paying Application Fees

Legitimate scholarships, fellowships, and grants never charge application fees. If an opportunity requires payment, it’s likely a scam. Similarly, be wary of “scholarship services” that charge fees to help you find or apply for funding.

Resources for Finding Opportunities

Federal Resources

• Federal Student Aid: Official government source for information about federal grants, including the FAFSA
• Grants.gov: Database of federal grant opportunities
• National Science Foundation Graduate Research Fellowship: Prestigious fellowship for STEM graduate students
• National Endowment for the Humanities Fellowships: Support for humanities research

Scholarship Databases

• Bold.org: Large database of exclusive scholarships
• Fastweb: Free scholarship search matching your profile
• Scholarships.com: Comprehensive scholarship database
• College Board Scholarship Search: Searchable database of scholarships

Fellowship Resources

• ProFellow: Comprehensive database of fellowships and application tips
• Fulbright Program: Prestigious international fellowships for study, research, and teaching
• Your university’s fellowship office: Most institutions have dedicated staff to help students find and apply for fellowships

Professional Associations

Join associations in your field of study or interest. Many offer scholarships and fellowships specifically for members or students entering their profession. Examples include:

• American Medical Association
• Society of Women Engineers
• National Association of Black Journalists
• American Chemical Society
• And hundreds more across every discipline

Frequently Asked Questions (FAQs)

1. Can I receive a scholarship, fellowship, and grant at the same time?

Yes, absolutely! In fact, combining multiple forms of financial aid is common and encouraged. You can receive federal grants, institutional scholarships, and competitive fellowships simultaneously. However, some awards may reduce other forms of aid, and your total aid typically cannot exceed your cost of attendance. Always report all sources of funding to your financial aid office to ensure compliance with regulations.

2. Do international students qualify for scholarships, fellowships, and grants?

International students are generally not eligible for U.S. federal grants like Pell Grants. However, many scholarships and fellowships welcome international applicants. Universities often offer institutional scholarships to international students, and numerous organizations provide funding specifically for international scholars. Research opportunities in your home country may also be available. Always check eligibility requirements carefully, as citizenship requirements vary widely.

3. How many scholarships, fellowships, or grants should I apply for?

Apply for as many as you realistically can while maintaining quality in your applications. Set a goal of submitting multiple applications each month during the academic year. Even small awards add up significantly over time. Many successful students apply for 20-50 opportunities throughout their college career. The more you apply for, the better your chances of receiving funding and the more skilled you’ll become at crafting compelling applications.

4. What happens if I lose my scholarship or fellowship?

If you lose funding due to not meeting requirements (like maintaining a certain GPA), you may face difficult choices. First, understand why you lost the funding and whether there’s an appeals process. Then, explore alternatives: additional scholarships, federal loans, work-study programs, or payment plans with your school. Some institutions offer probationary periods where you can regain funding by improving your performance. Contact your financial aid office immediately if you lose funding to discuss options.

5. Are scholarships, fellowships, and grants really free money?

Yes, these are forms of gift aid that don’t require repayment under normal circumstances. However, some conditions apply. You must typically maintain enrollment and satisfactory academic progress. Some fellowships require service commitments like conducting research or teaching. TEACH Grants convert to loans if you don’t fulfill teaching requirements. If you withdraw from school or drop below certain enrollment levels, you may need to repay some grant money. As long as you meet the conditions and use funds appropriately, they’re truly free.

6. When should I start looking for scholarships and fellowships?

Start as early as possible! High school students should begin researching scholarships during their junior year, with serious applications starting in the fall of senior year. College students should search continuously throughout their undergraduate career. If you’re planning graduate school, start looking for fellowships at least 12-18 months before you plan to enroll, as many prestigious fellowships have early deadlines. The earlier you start, the more opportunities you’ll discover and the better prepared you’ll be to submit strong applications.

7. What’s the difference between need-based and merit-based aid?

Need-based aid, like most grants, is awarded based on your family’s financial situation as determined by the FAFSA or other financial aid applications. It considers factors like family income, assets, and number of family members in college. Merit-based aid, like many scholarships and fellowships, is awarded based on achievements such as academic performance, athletic ability, artistic talent, leadership, or other accomplishments. Your financial situation doesn’t factor into merit-based decisions. Some awards combine both criteria, requiring both demonstrated need and merit.

Conclusion: Your Path to Funding Success

Understanding the difference between scholarships, fellowships and grants empowers you to make informed decisions about financing your education. Each serves a unique purpose in the financial aid landscape:

Scholarships reward your achievements and talents while helping reduce the cost of education at any level.

Fellowships provide prestigious opportunities for advanced study, research, and professional development, primarily for graduate students and beyond.

Grants offer crucial need-based support that makes education accessible to students regardless of their family’s financial circumstances.

The best approach? Don’t limit yourself to just one type of funding. Cast a wide net by:

1. Completing your FAFSA immediately to access federal and state grants
2. Applying for multiple scholarships that match your background and achievements
3. Exploring fellowship opportunities if you’re pursuing graduate or postgraduate work
4. Researching institutional aid from the schools you’re considering
5. Starting early and staying organized throughout the process

Remember, securing financial aid is often a numbers game. The more opportunities you apply for, the better your chances of receiving support. Every application you complete sharpens your skills and increases your likelihood of success.

Your education is an investment in your future. With persistence, careful research, and strategic applications, you can piece together a funding package that makes your academic dreams affordable. Don’t let the complexity of financial aid discourage you—now that you understand the differences between these funding sources, you’re well-equipped to pursue the opportunities that best fit your situation.

Take that first step today. Open your FAFSA, search for scholarships in your field, or explore fellowships related to your research interests. Your future self will thank you for the effort you put in now.