Many different types of financial aid are available to students, and it can be challenging to understand the difference between scholarships and foundations. In this article, Foundation Expert Dennis Bonnen will discuss the four main differences and similarities between these two forms of financial assistance. We will also provide advice on choosing the right type of financial aid for you! How Do They Differ? Foundations and scholarship organizations are 501(c)(3) nonprofit organizations. However, there are several key differences between the two types of organizations. An individual or family typically creates foundations to provide long-term support for a particular cause or issue. On the other hand, scholarship organizations generally offer financial assistance to students pursuing higher education. Foundations typically have a larger endowment than scholarship organizations, which allows them to make more significant grants. Scholarship organizations generally have fewer restrictions on how their funds can be used, which gives them the flexibility to respond to the changing needs of their recipients. Finally, foundations typically have a more diverse range of grantees than scholarship organizations. This is because foundations often support various causes, while scholarship organizations usually focus on one specific area of need. What Are The Benefits? Applying for a foundation or scholarship organization can be a great way to get financial support for college. Many organizations offer these types of opportunities, each with its application process. However, the benefits of applying for a foundation or scholarship organization are well worth the effort. These organizations often have access to grant money that can help cover the cost of tuition, books, and other expenses. In addition, they may also offer other benefits such as academic support or mentorship opportunities. As you research different organizations, look for ones that align with your interests and goals. Applying for a foundation or scholarship can help you get one step closer to achieving your dreams. How Can You Tell If An Organization Is Legitimate? When researching different foundations and scholarship organizations, the organization must be legitimate. There are a few key things to consider when determining if an organization is legitimate. First, check if a national or regional accrediting body has accredited the organization. This information should be readily available on the organization's website. Second, Dennis Bonnen says to look for reviews of the organization from other users. You can typically find this information by doing a quick search online. Finally, contact the organization directly and ask any questions you may have. If you are still unsure about an organization, it is always best to avoid caution and choose another one. There are plenty of legitimate organizations out there that can help you finance your education! Choosing The Right Type Of Aid When deciding which type of financial aid is right for you, it is essential to consider your specific needs and goals. A scholarship organization may be the best option if you need immediate assistance with tuition or other expenses. A foundation may be a better fit if you are looking for long-term support for a specific cause. Ultimately, deciding which type of organization to apply to is up to you. Make sure to do your research and choose an organization that is legitimate and aligned with your goals. Applying For Aid The process of applying for a foundation or scholarship organization can vary depending on the organization. However, there are some general steps that you can follow when you are applying for aid. First, research different organizations and find ones that match your interests and needs. Then, gather all required materials, such as transcripts, essays, and letters of recommendation. Next, fill out the application and submit it by the deadline. Once you have submitted your application, all you can do is wait to hear back from the organization. If you are selected to receive a grant, thank the organization for its support! Conclusion There are many different types of financial aid available to students. Foundation and scholarship organizations are two of the most popular options. Each type of organization has its unique benefits and drawbacks. Be sure to do your research before applying to choose the right kind of aid for you.