5 Benefits of an Academic Grant for Your Career

There is no getting around it: even a modest education these days can leave the brightest students deep in debt. The data suggests that the average graduate student ends up with over $70,000 in debt--and that's not even including their undergraduate studies.

Even if you only aim to get your associate's degree, the financial burden can be a tough one. Obtaining scholarships can be a tall order when competing against other students like yourself. For those in specific circumstances, there exists a special kind of financial aid: an academic grant.

Join us in the scholarship guide as we discuss everything you need to know about grants and the five ways they benefit your career.

What Is an Academic Grant?

It's easy to confuse different types of financial aid for students. Everyone has seen grants while applying for other academic scholarships. The name makes them sound more prestigious, like something one might expect to receive from an Ivy League school.

However, there's only one major difference between a scholarship and a grant: financial need vs. individual merit.

To qualify for scholarships, you need to demonstrate your intelligence or prowess. This is why they often ask you to write essays, provide letters of recommendation, and/or provide proof of your abilities. Then, it's up to the issuing institution to determine who gets the scholarship money.

An academic grant, on the other hand, usually is for those in difficult financial situations. Governments or foundations may give grants to those from low-income families, first-generation students from immigrant families, and more.

It's important to note here that these are not hard and fast rules. Some scholarships go to students in need, some grants go to talented pupils, and vice versa.

Further, no one should feel ashamed for requiring financial aid. The government, as well as many wealthy institutions, understand that education should be accessible to all. Whether you get a grant or scholarship, you should be proud of your academic achievement.

What Kinds of Grants Are There?

Grants come in all shapes and sizes, offering students a wide variety of financial options. Let's cover a few of the grants you might have access to.

• Government grants: these are the most common type of grant, and are issued at the federal and the local level
• Foundation grants: private foundations such as the Gates Foundation. which issue grants to students
• Corporate grants: from Fortune 500 companies to mom-and-pop shops, businesses often donate to support education
• Individual grants: wealthy individuals may bequeath a portion of their fortune to education
• Research grants: for the financial support of students who conduct a wide variety of research
• Matching grants: a type of grant where students match the funds in order to receive the money

There are so many different types of grants to apply for, and you don't have to look far to find them. They are more than just free money for your education. They play a vital role in the development of your career.

Let's cover five benefits grants can have on your overall career.

1. They Allow You to Focus on Your Studies

It's not uncommon in the slightest to work while attending college. Sure, the money likely won't be enough to pay off student loans, but it's necessary for financial costs throughout the semester. Even though this is often the norm, that doesn't mean it comes without some conditions.

Evidence has shown that the more hours you work while studying, the less likely you are to graduate. Anyone who has worked and studied can attest to the challenge it poses. You have minimal free time, most of which you spend with your nose in textbooks.

At first, it may seem like everything is fine. You have no trouble balancing the load of work and school at the same time. But the longer this goes on, the heavier the burden becomes.

Studies can begin to suffer when a demanding job takes away your energy. Not only this, but your extracurricular activities will diminish as well. And every student knows that a healthy social life is key to good mental health.

With a grant, you can devote yourself wholeheartedly to your studies. Then whatever free time is left you can use to relax and recharge. You won't have to sacrifice friendships or physical activities that you love.

2. They Make Your Resume Look Good

As you begin the process of applying for an entry-level job, you are competing against students with similar qualifications. Education won't be enough to set you apart from your peers. You're going to need something more if you plan on landing a job.

There's nothing stopping you from listing your scholarships and grants alongside your academic endeavors. A grant shows that you are a serious student. It demonstrates that you sacrificed everything for your education.

Even if you received a grant on the basis of financial need, this isn't a bad thing. On the contrary, it shows your tenacity in obtaining higher education. Nothing looks better to an employer than evidence of a hard worker!

Further, a grant can make you appear more well-rounded. It's an excellent bit of resume-dressing for your other academic exploits. It might be just enough to tip the scales in your favor.

Some grants are quite prestigious and require demonstrating merit in addition to financial need. Having a recognized name on your resume can go a long way in swaying human resources to your side. Even better if there were some achievements necessary to receive the grant.

3. They May Be Able to Help You with an Internship

Most college students at the undergraduate level require an internship. Think of this as a trial for your future job. It gives you real-life experience in exchange for college credits.

Internships can often be life-changing. They may be working under the tutelage of a professional in your chosen field. In some cases, they may involve traveling abroad and experiencing foreign cultures.

However, one thing is certain about internships: they can be expensive. Internships are very much like a typical semester where you have everyday expenses. But most internships involve additional costs to cover the activities during the internship.

Delaying or not completing your internship puts you at a serious disadvantage. If it doesn't prevent you from graduating, it could make you less competitive in the job field.

A grant gives you full financial freedom to pursue a successful internship. Like with the first point, it allows you to devote all of your mental faculties to completing it successfully.

4. They Can Provide Important Personal Growth

Future employers are looking for people who are capable of changing. University studies are perhaps one of the best places in the world to change as a person. If you don't learn something in college, then you've missed an important growth moment.

Grants can help you to evolve into the sort of responsible person that companies want to hire. They are more than just financial aid that pays for your education.

One of the biggest lessons you learn is financial maturity. Often, the grant issuer will give you a lump sum of money with no strings attached. You can spend that money as you please--even irresponsibly.

Some students squander their grants on frivolous things. They purchase fancy cars or expensive electronics. But if you can temper yourself and use the money wisely, you come out a better person.

5. They Provide Grant-Related Activities

As we mentioned earlier, some grants come with conditions. They may require you to attend workshops, perform research, or network with fellow scholars. It's important to recognize these as opportunities rather than burdens.

Any experience you can get in your career field is valuable experience. It allows you to kill two birds with one stone. You fulfill the requirements to receive your grant money and earn experience along the way.

Some of these opportunities may open the door to more opportunities. Networking with your fellow scholars may make you aware of other programs and scholarships you should apply for. Networking is a crucial tool that you will be using for the rest of your life to find unique chances that you wouldn't get elsewhere.

Find More Scholarships 

An academic grant is more than just free money from the government or benevolent corporations. It's a chance to focus yourself wholeheartedly on your studies and get deeper into your career field. It will bolster your resume and open doors to new opportunities you never had before.

At Honor Society, we recognize academic excellence no matter what form it takes. We help students find scholarships, careers, and more. Become a member and take part in our prestigious community of scholars.