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Two questions to ask before accepting a grant or scholarship
November 01, 2022
The best way for a student to pay for an education is with grants and scholarships.
When reviewing a financial aid offer from a college, students should first look for grants and scholarships, which, unlike loans, don’t have to be repaid.
However, students should read the details and fully understand the financial aid being offered to them before accepting it – even grants and scholarships.
Two questions students should ask about grants and scholarships are:
- Are there any requirements that are a part of this grant or scholarship?
- Do I have to meet any obligations with this grant or scholarship?
Requirements of grants or scholarships could include maintaining a certain grade point average, attending meetings regularly, or participating in specific activities.
Obligations may include an agreement to enter a certain career field or an agreement to live and work in a specific community or state.
If a student fails to meet the requirements or obligations of a grant or scholarship, they could lose the funding (which could make it difficult to pay for any future years of their education) or they could be required to pay back the funding.
One way for students to keep tracking of any scholarship requirements or obligations is to use the Mapping Your Future Scholarship Tracking Sheet.
Grants and scholarships are often referred to as free money for college. As long as students know that the free money may come with commitments, and they are willing to meet those commitments, grants and scholarships are a great source of funding for education.