what is the difference between award and scholarship?
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USC awards prizes for academic achievement in a course or program. Scholarships are awarded to eligible students through an application process. ... For more information, visit Prizes and awards and Scholarships.
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Do I have to pay tax on scholarships and awards? ... Students receiving scholarships are advised to get confirmation, in writing, from the donor that the amount is, in fact, tax free. If this is so, it is likely that the scholarship or award will not be treated as income for tax credits purposes.
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Free-money scholarships, fellowships and grants are generally awarded based on either financial need (for example, federal Pell grants) or academic merit (for example, National Merit Scholarships). Such free-money gift aid is tax-free as long as: 1.
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The primary difference between these two types of financial aid is that merit-based scholarships, unlike need-based financial aid, are awarded to students based on academic or other merit rather than demonstrated financial need.
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When you are lucky, you win a “prize”. Game of chance – not the expected outcome, but a hope related to luck. An Award is altogether different. An award is recognition for being excellent at something, or for doing something that is admired.
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If your scholarship or grant was for study or research in the pursuit of a degree, the money used to pay your qualified tuition and related expenses isn't taxable. However, scholarship or grant income is taxable if: ... The grantor requires you to perform services in return for granting the scholarship or grant.
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As verbs the difference between award and confer is that award is (legal) to give by sentence or judicial determination; to assign or apportion, after careful regard to the nature of the case; to adjudge; as, the arbitrators awarded damages to the complainant while confer is (obsolete|intransitive) to compare.
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As nouns the difference between gift and reward is that gift is something given to another voluntarily, without charge while reward is something of value given in return for an act.
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You Deserve This Scholarship Because You Have Passion and Persistence. Letting your passion show through in your answer allows the committee to see your dedication. You deserve this scholarship based on your love of learning, your enjoyment of your field. If you are not having fun, why are you there?
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The laureates are given a sum of money when they receive their prizes, in the form of a document confirming the amount awarded. The amount of prize money depends upon how much money the Nobel Foundation can award each year.
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Scholarships and grants are both forms of student financial aid. Scholarships typically are based on merit, such as academic, artistic or athletic merit, but can also be based on financial need. Grants are typically based on financial need. How many college students in the US can pay for college without financial aid?
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Merit-based financial aid (also called merit scholarships or merit awards) is financial aid offered in recognition of student achievements (e.g. academic, athletic, artistic, etc.). Unlike need-based financial aid, merit-based financial aid does not consider the financial need of the student or family.
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State AP Scholar – Awarded to one male and female student in each state. ... International AP Scholar – Awarded to one male and female student attending a school outside the United States or Canada with the greatest average score on the highest number of AP exams.
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If your only income is a tax-free scholarship or fellowship, you're in the clear. You don't have to file a tax return or report the award. However, if all or part of your scholarship is taxable and if that money is not recorded on your W2 form, you must report it.
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Financial aid is money lent or given to you to help you pay for college. Grants and scholarships are kinds of financial aid that you don't have to pay back. ... Most grants are awarded based on financial need. But a good portion of gift aid is awarded for academic achievement.
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As nouns the difference between merit and excellence is that merit is something deserving positive recognition while excellence is the quality of being excellent; state of possessing good qualities in an eminent degree; exalted merit; superiority in virtue.
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Your scholarship may or may not be taxable. Generally speaking, a scholarship or fellowship is tax free if you are a degree candidate and the award is used to pay for tuition and required fees, books, supplies and equipment, however there are some scholarship and fellowship opportunities that are not tax exempt.