Grants and scholarships can make a huge difference to your ability to pay for higher education, however, they can also be extremely confusing. While most people know scholarships allow them to pay more easily for school, they may not know the difference between a scholarship which pays for their tuition, and one that gives them a full ride. If you’re looking into scholarship opportunities for your degree, it pays to know exactly what your scholarship is going to pay for. Especially if you are applying for multiple scholarships at the same time. That way, you can ensure you’ve already tracked down additional sources of funding for anything that isn’t covered.
What is a Full Tuition Scholarship?
A full tuition scholarship covers the full cost of your tuition, which can be a confusing concept for some students. After all, tuition is generally the main portion of what you’re paying for at school, right? While tuition accounts for a big portion of the fees associated with your education, it’s only one part of the puzzle. There are other expenses too. The fees that aren’t accounted for by a full-scholarship sponsorship, like hosing costs, book costs, lab class fees, and other expenses, can still add up to thousands of dollars.
This could mean that even with a scholarship, you still need an additional source of funding. An Earnest student loan calculator can come in handy when you need to figure out the costs of borrowing money from a private lender to pay for the remaining costs of your education. The calculator will give you an idea of what the payments are going to be on your loan following graduation.
Is a Full Ride Scholarship Different?
A full ride scholarship is a little different to a full tuition scholarship because it focuses on making your educational experience as cost-free as possible. There’s no set equation for how much this full ride scholarship will cover, but it usually addresses things like housing, fees, meals, and other expenses outside of your tuition and housing. This means with a full-ride scholarship, you may be able to skip your student loan entirely or get a much smaller loan than you would with a standard tuition scholarship. The exact costs covered by a full ride scholarship differ from one provider to the next. Before you assume everything from your after-hours tutor to your book expenses will be covered by this scholarship, it’s best to do your research and check out exactly what you’re going to save money on.
Which Scholarship is Better?
In simple terms, a full ride scholarship generally pays for a lot more overall than a full tuition scholarship. While it’s true that your full tuition scholarship will save you from spending a lot of money on some of the most expensive parts of your higher education, it won’t pay for everything. Your full ride scholarship, if you can get one, will cover a lot more of the other expenses linked to your education, such as food fees and accommodation. Just make sure you do your research and find out exactly what you can pay for with your scholarship before you start spending your cash.
