Common Scholarship/Grant Terms You Need to Know
Congratulations, and thank you for downloading this free tool from SheEdits LLC! This document breaks down scholarship and grant terms that will appear often on your money-making journey. It was designed to provide clarity and help you as you work to #GraduateDebtFree. Please feel free to download it and refer to it often. Thank you!
Scholarship – A monetary educational award that typically comes from organizations like businesses, churches, community organizations, clubs, and schools.
Grant – A monetary educational award that comes from the state or federal government.
Essay – A common component of scholarship applications, this document requires you to answer a specific prompt set by the scholarship organizers. Scholarship essays are typically between 250-1,000 words and set you apart from the other scholarship applicants.
FAFSA/The Free Application for Federal Student Aid – This document is required to apply for state and federal grants. You must fill out this lengthy application every year to remain eligible for state/federal educational assistance. You can find this at FAFSA.gov or StudentAid.gov.
EFC/Estimated Family Contribution – This dollar amount is calculated from the FAFSA and is an estimate of how much money your family can contribute to your education.
SAR/Student Aid Report – This is the downloadable document is a summary of your financial information determined by your FAFSA.
Personal Statement – Similar to an essay, this common component of scholarship applications usually requires you to give a summary of yourself and your career goals.
Student Loan/School Debt – Money that you borrow for college from the government, bank, or loan company that you must pay back with interest. SheEdits LLC was designed to help you avoid student loans!
Common/General Application – An application you fill out that matches you to scholarships within a particular network. Oftentimes, and common or general application will include essay questions that can be used for multiple scholarships.
