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One question to ask before accepting any grant or scholarship

Graduation Cap on top of a stack of quarters and bills.

July 1, 2022

Grants and scholarships are the best kind of financial aid for college.

It is the best kind of financial aid because, in most cases, it doesn’t have to be repaid. But often, a student must agree to meet certain requirements when accepting a scholarship. And sometimes a student will have to repay a scholarship if they don’t meet those requirements.

That’s why a student should always ask: “What are the requirements that I must meet by accepting this grant or scholarship?”

Some grants or scholarships only require that students meet certain grade requirements. In those cases, the grant or scholarship won’t be renewed for future semesters if the student falls below the required grade point average (GPA).

In other cases, a grant or scholarship could turn into a student loan if the student fails to meet the program’s requirements. For example, some programs require students to enter a specific career field. If the student decides not to get a job in the required career field, then the grant or scholarship will turn into a loan that has to be repaid.

In addition to maintaining grades or entering specific careers, grants and scholarships sometimes require that students check in – maybe for in-person meetings or provide written updates or transcripts.

Granted, students sometimes receive grants and scholarships that don’t have any requirements. In any case, whether there are requirements or not, a student should apply for as many grants or scholarships as possible.

As long as students understand and are willing to meet any requirements, it’s the best way to pay for education beyond high school.