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Financial Aid Knowledge Base

How do scholarships differ from financial aid?

May 09, 2013

Scholarships are awarded on the basis of academic achievement, talent, financial need, or a combination of the two. Financial need is rarely the primary factor considered, but it is often used to make a decision among equally qualified finalists. Many scholarships have additional requirements as well. For example, you may have to be resident of a particular state, be involved in extracurricular activities, have a special talent, or be pursuing a specific major. Scholarships are generally classified as gifts and rarely have to be repaid.