What is the difference between a scholarship and a fellowship?
To pay for college, students use various financial aid, such as grants, scholarships and loans. What is a scholarship? What is a fellowship for college? What’s the difference?
Students can afford college with the help of scholarships and fellowships. These two types of financial aid are different in important ways. Understanding the differences will help you maximize your financial aid and minimize student debt.
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What is a scholarship?
Each year, college students submit applications for 5,000,000 scholarships totaling $24 billion. But what is a scholarship?
Undergraduate and graduate students can receive free money through scholarships. Scholarships are not loans that borrowers have to repay. Need and merit-based scholarship provide free money for recipients. Most scholarships cover a single academic period.
Several organizations award scholarships. As well as colleges and universities, the federal government and state governments offer scholarships. Scholarship competitions can also be held by professional associations, businesses and private donors. You can find the scholarship from your favorite celebrity, a service like https://mycustomessay.com/, or your local bakery.
Grants are similar to scholarships in that they provide money for college. However, unlike the former, grants come more often from government agencies, and usually require proof of financial necessity.
What is a Fellowship?
A fellowship is similar to a scholarship in that it provides financial assistance for students without any repayment requirements.
Most fellowships are for graduate students, unlike scholarships. There are a few undergraduate fellowships, but most fellowships fund master’s or doctoral students.
A fellowship can also cover tuition and provide a monthly allowance.
Many organizations offer fellowships, but they are usually awarded by colleges, universities, government agencies and foundations.
Fulbright fellowships, for example, support graduate students who conduct research abroad. Jacob K.Javits Fellowships are awarded to graduate students who work in the humanities, arts and social sciences. The National Science Foundation offers graduate research fellowships for students working in STEM fields.
A fellowship is different from an assistantship. Graduate assistants such as research assistants and teaching assistants take on professional duties in exchange for funding. TAs teach classes and grade assignments, for instance. Most fellowships don’t have any requirements for work.
Fellowship vs. Scholarship Key Differences
Both fellowships and scholarships provide money to students pursuing a degree. They also differ in a number of key ways.
The majority of undergraduates are awarded a scholarship or grant, but this money does not usually cover the entire cost of attending college. The majority of private scholarships are less than $4,000 a year. According to data from 2015-16, the Washington Post reported that only 0.2% students received more than $25,000 in scholarship funds.
Scholarships and fellowships are two distinct forms of financial aid that support students in their academic pursuits, but they differ in several key ways.
Firstly, scholarships can be either need-based or merit-based. This means that they can be awarded based on a student’s financial need or on their academic achievements and talents. On the other hand, fellowships are typically merit-based, meaning that they are granted primarily based on a student’s academic performance or potential contributions in a particular field.
When it comes to the organizations and entities that offer these aids, scholarships are provided by a broad range of groups including institutions, private businesses, professional organizations, and foundations. Fellowships, in contrast, are generally offered by academic institutions, government agencies, and foundations.
The duration of financial support is another distinguishing factor. Most scholarships provide funding for a single year, which means students may need to reapply or find other sources of funding in subsequent years. Fellowships, however, often commit to supporting students for multiple years, ensuring sustained financial assistance throughout a significant portion of their academic journey.
The nature of the financial assistance also varies. Scholarship recipients usually receive a set monetary award intended to help cover their educational expenses such as tuition, books, and other fees. Fellowship recipients, on the other hand, often benefit from a monthly stipend, which covers living expenses, in addition to a tuition waiver that can significantly reduce or completely cover the cost of their academic courses.
Lastly, while scholarships are available to a wide range of students, spanning both undergraduate and graduate levels, fellowships are more commonly associated with graduate students, particularly those pursuing advanced research or specialized studies.
In summary, while both scholarships and fellowships offer valuable financial support to students, they differ in their criteria, providers, duration, form of assistance, and target demographics.
According to Washington Post, even though more than 1.5 million college students received scholarship awards during the 2015-16 academic years, the average amount per student was less than $4,000.
Fellowships, on the other hand, can provide a significant amount of money. Graduate fellowships at Cornell provide funding ranging from $28,500 to $33,000 per year, depending on department. Northwestern University guarantees doctoral students a minimum stipend in excess of $35,000 per year, on top of the tuition waiver.
Both undergraduate and graduate students can benefit from scholarships. Fellowships are generally reserved for graduate students. Many fellowships are only for doctoral students, even though master’s degree holders may be eligible.
What is the Difference Between Scholarships and Fellowships? How Do Scholarships Differ from Other Applications?
The application process for fellowships and scholarships is also different. Some institutions may require students to submit only one application in order to be considered for both fellowships and scholarships. Students must complete an application for other fellowships and scholarships. The process can be lengthy.
Scholarships are awarded by professional associations, businesses and foundations. Each has its own criteria for eligibility and requirements. The criteria for applicants may include a specific major, career path or background. Many scholarship programs consider community service, financial need, and leadership.
Multiple steps may be required to apply for fellowships provided by government agencies or foundations. Many applicants must submit materials such as a personal essay, letters or recommendation and a research proposal. To award funding, the fellowship committee might even interview candidates.
The process may take several months. Fulbright applicants, for example, submit their materials from March to October. The National Selection Committee reviews the candidates and informs those who are moving to the next round in January. The recipients may be notified as late as a year or May after they submitted their application.
Scholarships and fellowships are both options that students should consider when looking for financial aid. Set aside some time to read the eligibility criteria and to complete all application materials.
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