Key Difference: The main difference between a scholarship and a stipend is that scholarships are usually awarded to students who have excellent academic records, while stipends are usually given to students who are working on research projects or who have financial needs.
Scholarships may also be based on other factors such as athletic ability or artistic talent, while stipends are typically based only on financial need.
Another important distinction is that scholarships are usually renewable, while stipends are not.
What is a Scholarship?
A scholarship is an award of financial assistance for a student to attend a school or university. The award may be based on merit, need, or some combination of both.
Some scholarships are provided by the government, while others are offered by private organizations or individuals.
A scholarship may cover the entire cost of attendance, or it may only be for a portion of the costs.
One of the most common types of scholarships is academic scholarship. This type of scholarship is offered to students who have demonstrated high academic achievement, typically in the form of a high GPA or standardized test scores.
Other popular types of scholarships include athletic scholarships, which are offered to student-athletes who have achieved excellence in their sport, and arts scholarships, which are offered to students who have demonstrated exceptional talent in the arts.
Types of Scholarships
There are a variety of different types of scholarships available to students. Some of the most common types include:
| Type | Eligibility Criteria |
|---|---|
| Academic scholarships | These scholarships are offered to students who have demonstrated high academic achievement, typically in the form of a high GPA or standardized test scores. |
| Athletic scholarships | These scholarships are offered to student-athletes who have achieved excellence in their sport. |
| Arts scholarships | These scholarships are offered to students who have demonstrated exceptional talent in the arts. |
| Merit-based scholarships | These scholarships are awarded based on a student’s academic or other achievements, rather than their financial need. |
| Need-based scholarships | These scholarships are awarded to students who demonstrate financial need. |
| Minority scholarships | These scholarships are offered to students from minority groups, such as African Americans, Hispanics, and Native Americans. |
| Religious scholarships | These scholarships are offered to students who are members of a religious group, such as the Catholic Church or the Protestant faith. |
| Scholarship competitions | These scholarships are offered to students who compete in a scholarship contest. |
What is a Stipend?
A stipend is a form of financial aid that is paid to students who are attending school on a full-time basis.
It is usually given in the form of a monthly or biweekly payment and is intended to help offset the cost of attendance.
Students who receive stipends may be required to work a certain number of hours each month in order to receive the payment.
The criteria for receiving a stipend can vary from school to school. Some schools may require that students maintain a certain GPA or be in a specific academic program in order to qualify.
Others may simply require that the student demonstrate financial need.
Types of Stipends
| Type | Eligibility Criteria |
|---|---|
| Academic Stipends | Academic stipends are awarded to students who are enrolled in a full-time degree program. They are typically given as a form of financial aid to help offset the cost of attendance. Academic stipends may be based on merit or need and can vary in amount depending on the school and program. |
| Service-Based Stipends | Service-based stipends are awarded to students who agree to work a certain number of hours each month in order to receive the payment. The work can be related to the student’s academic studies or maybe a volunteer position in the community. Service-based stipends are intended to help students pay for their education while also providing service to their community. |
| Research-Based Stipends | Research-based stipends are offered to students who are conducting research in a specific field or area. The stipend may be given as a form of financial aid to help cover the cost of attendance, or it may be provided as a way to encourage students to pursue research in certain areas. The amount and duration of the stipend can vary depending on the school and program. |
| Job-Related Stipends | Job-related stipends are offered to students who are working a certain number of hours each week in order to receive the payment. The job can be related to the student’s academic studies or maybe a part-time job in the community. Job-related stipends are intended to help students pay for their education while also working to gain experience in their chosen field. |
| Volunteer-Based Stipends | Volunteer-based stipends are offered to students who are volunteering a certain number of hours each month in order to receive the payment. The work can be related to the student’s academic studies or maybe a volunteer position in the community. Volunteer-based stipends are intended to help students pay for their education while also providing service to their community. |
Scholarship vs Stipend
One of the biggest differences between scholarships and stipends is that scholarships are often need-based, while stipends are not.
Scholarships are awarded to students who demonstrate a certain level of academic achievement or who come from low-income families.
Stipends, on the other hand, are typically given to students who have already been accepted to a college or university and who demonstrate exceptional academic promise.
They both also differ in terms of how the money is distributed.
Scholarships are typically given as a one-time award, while stipends are usually paid out in installments throughout the academic year.
Main Differences
Important differences between a scholarship and a stipend include –
Definition
One of the important differences between scholarships and stipends is their meaning.
A scholarship is a form of financial aid that is given to students who are in need of assistance to pay for their education.
On the other hand, a stipend is a payment that is made to an individual on a regular basis, usually as compensation for services rendered.
Purpose
Another key difference between scholarships and stipends is their purpose.
A scholarship is awarded to students who display exceptional academic achievement or who come from disadvantaged backgrounds.
A stipend, on the other hand, is typically given to professionals such as researchers or artists who are in need of financial assistance in order to continue their work.
Amount
The amount of money that is given in the form of a scholarship or stipend can also vary.
A scholarship typically ranges from a few hundred dollars to several thousand dollars.
A stipend, on the other hand, is usually much smaller and may only be a few hundred dollars per year.
However, there may be some stipends that are larger in size.
Eligibility
The eligibility requirements for scholarships and stipends can also vary.
Most scholarships require that the applicant be a full-time student at an accredited institution.
In contrast, stipends are not typically restricted to students and may be available to any individual who is in need of financial assistance.
Duration
The duration of a scholarship can also vary. Some scholarships are awarded for a one-time period, while others may be renewable.
A stipend, on the other hand, is typically given for a shorter period of time, such as one year.
What is the most famous scholarship in the USA?
The best example of a famous scholarship in the USA would be the Rhodes Scholarship.
It is an international scholarship that is offered to students who are attending college or university in the UK.
It is considered to be one of the most prestigious scholarships in the world.
What is the best example of Stipend in the USA?
A stipend is a fixed sum of money paid to a student, trainee, or apprentice. It is often given as a living allowance rather than as payment for work completed.
In the United States, the most common type of stipend is the academic stipend, which is paid to students who are receiving financial aid.
Other types of stipends include the training stipend, which is paid to apprentices or trainees, and the living stipend, which is paid to students who are not receiving financial aid.
Companies like Apple, Microsoft, and Amazon offer their interns a stipend. The amount varies based on the company, but it is generally a few thousand dollars per month.