Difference between Scholarship and Stipend

Key Difference: Scholarship is a financial grant aid awarded to students to help them pay for their education. It generally refers to grants in support of undergraduate education whereas a stipend can be defined as the money paid to interns or apprentices as a monetary assistance.

Scholarship is a financial grant aid awarded to students to help them pay for their education. It generally refers to a grant in support of undergraduate education. A scholarship is not necessarily a monthly paid income. It ensures the student to meet his living expenses. It may also merely help the student to pay his tuition fees. "Stipend" word derived from the Latin "stipendium" means "soldier's pay". It is a fixed amount of money paid at regular intervals in exchange of specific services. However, some scholarships take care of the fees as well as also provide a stipend. Stipends are provided in exchange of duties. It is generally lower than a salary. The intention of the stipend is generally to provide some compensation to the recipient while he/she is gaining experience and knowledge in a specific field. Universities usually refer to money paid to graduate students as a stipend to denote complimentary benefits. Stipend can also be provided as a form of salary to a person who is not fully eligible to become a salaried employee, during the initial period of joining.

Sometimes a periodic payment of scholarship and fellowship grant is also considered as stipend. Scholarships can be provided as one time payment or payment in terms of paying for school expenses whereas stipend is a fixed and regular income. Scholarship word is usually used to denote fund awarded to students to bear their expenses, whereas stipend generally refers to a fixed and regular income earned by apprentices. Therefore, stipends may or may not be earned as scholarships. The difference arises when it is used in non-scholarship terms. Sometimes stipend can be earned as a scholarship but it usually happens rare and scholarship is awarded as one time grant or the support is to bear the fees and may be other expenses, thoughout the course.

Image Courtesy: educationworld.in, 123rf.com

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