Although Fellowship and grants are national awards offered to candidates by organizations, institutions or foundations, both are entirely different. Fellowships are stipends provided to scholars for their post-graduate study, research or work placement considering their former academic excellence. The fellowship is granted for a time period, like few days, months or a couple of years mostly until the completion of the program. However, grants represent exchange of money for a purpose or project. Grants are gifts in terms of money given to undergraduate students for their performance excellence in their undergraduate study, primarily to satisfy their financial needs.

Fellowship options

Most of the Universities offer fellowships to the top-scorers in the institutes while doing their PhD programs. Fellowships are financial rewards awarded to encourage the aspirants in their study and to acknowledge them for their high scores. Scholars may obtain the same as monthly stipends. These awards accompany admission to a postgraduate program and cover up all expenses, including tuition and a living stipend for the aspirants.

Grant options

Grants are monetary aids usually based to gratify financial needs of candidates. These are strictly academic. A grant is a one-time offering to complete a proposed work and generally doesn’t have any strings attached to it. Most of the grants arise out from federal or state sources. It funds a scholar’s education and in the majority cases does not have to be paid back. Assuming an individual applying for a voyage grant to attend an official conference and he receives the grant. He can spend that money for the expenses incurred during the trip. If the money given as grant is more than the expenses, the unused portions of these grant is required to be refunded.

Key differentiators between Fellowship and a Grant

Fellowships are cash offerings as stipends to candidates for their research studies whereas, grants are financial assistance provided to undergraduates coming from low-income families or for top scorers.