Gold Emmanuel 4 days ago

Naira appreciates against dollar at black market

The naira recorded significant appreciation against the dollar at the parallel market on Thursday.

Abubakar Alhassan, a bureau de change operator, told DAILY POST that the dollar-to-Naira exchange rate closed at N1,735 on Friday from N1,750 on Thursday.

Meanwhile, at the official market, FMDQ data showed that the naira weakened to N1672.69 against the dollar on Friday from N1644.86 traded on Wednesday.

This represents a N27.83 loss against the dollar.

This comes as the FX transaction turnover dropped to $254.10 million on Friday from $560.34 million the previous day.

In the week under review, the naira recorded a mixed fortune of two gains and three losses against the dollar at the FX market.

On a week-on-week basis, the naira depreciated by N20 when compared to the exchange rate of last Friday at N1,652.62 per dollar at the official market.

Naira appreciates against dollar at black market

Read Original Article on Dailypost.ng

Author: Gold Emmanuel

30 Nov 2024 @ 06:39am

Category: NewsPoint - The News Aggregator

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Scholarships vs. Grants: What’s the Difference and Which Is Right for You?

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When it comes to financing your education, the terms "scholarships" and "grants" are often thrown around. They might seem interchangeable, but they aren't quite the same. In fact, understanding the difference between scholarships and grants can be the key to unlocking the funds you need for college. So, which is right for you? Let’s break it down.

Scholarships vs. Grants: What’s the Big Difference?

At their core, both scholarships and grants are forms of financial aid that don’t require repayment, which makes them especially attractive compared to loans. However, they differ in terms of eligibility criteria, purpose, and who provides them.

Scholarships: Scholarships are typically merit-based. They’re awarded to students who excel in a specific area, whether it’s academic performance, athletic achievement, or artistic talent. Scholarships can also be awarded for extracurricular activities, leadership roles, community service, or even specific career goals. They can come from universities, private organizations, non-profits, and corporations.

Grants: Grants, on the other hand, are primarily need-based. They are awarded based on a student’s financial need as determined by government organizations or colleges. Grants aim to provide financial assistance to students who might not otherwise be able to afford higher education. They are often funded by federal or state governments and certain nonprofit organizations.

What Are the Benefits of Scholarships?

Scholarships offer students more than just financial support. Here’s a closer look at the benefits:

1. Merit Recognition: Winning a scholarship often reflects your academic, artistic, or athletic achievements. It can add prestige to your resume and make you stand out to future employers.

2. More Than Just Money: Many scholarships come with additional benefits, like mentorship opportunities, internships, or networking with professionals in your field.

3. Fewer Strings Attached: Scholarships are often more flexible than grants in terms of how the money can be spent. Some can be applied to tuition, while others can also be used for living expenses, books, or other academic necessities.

4. Renewable Funding: Many scholarships are renewable, meaning that you can receive the same scholarship for multiple years as long as you continue to meet the eligibility criteria.

What Are the Benefits of Grants?

Grants also offer several unique advantages:

1. Financial Need-Based Support: Grants focus on financial need, ensuring that students from lower-income families have access to higher education opportunities.

2. Wide Availability: Federal and state governments fund many grant programs, making them widely accessible to students across the country. For instance, the U.S. federal Pell Grant is a common form of financial aid for low-income students.

3. No Merit Requirements: Unlike scholarships, grants don’t require high academic or extracurricular achievement. They’re often more inclusive, offering funds to those who demonstrate financial need rather than merit.

4. Long-Term Investment: Grants can provide consistent financial support for students throughout their college years, reducing the need for loans and minimizing post-college debt.

Scholarships vs. Grants: Which One Is Right for You?

Choosing between scholarships and grants depends on your personal circumstances. Here are a few factors to consider:

1. Do You Have Financial Need?
If your family’s financial situation makes it difficult to pay for college, grants are a good option to explore. In the U.S., the FAFSA (Free Application for Federal Student Aid) is typically used to assess your financial need and determine grant eligibility. Many state and institutional grants also rely on FAFSA information.

2. Are You Strong Academically or Talented in a Specific Field?
If you excel academically, athletically, or in a specialized skill, scholarships may be the right fit for you. There are scholarships for nearly every area of expertise, from science and technology to arts and humanities. Additionally, if you have a passion for community service or leadership, many scholarships recognize those qualities as well.

3. Do You Qualify for Both?
The good news is, you don’t have to choose between scholarships and grants—you can apply for both! Many students receive a combination of merit-based scholarships and need-based grants to cover the cost of their education.

Application Tips: How to Maximize Your Chances of Receiving Scholarships or Grants

Applying for scholarships and grants takes time and effort, but it’s worth it if it can help you avoid student loans. Here are some tips to increase your chances of success:

1. Start Early: Begin researching scholarships and grants as soon as possible—ideally during your junior year of high school. Deadlines can vary widely, so you don’t want to miss out on an opportunity because you weren’t prepared.

2. Apply to Multiple Opportunities: Don’t put all your eggs in one basket. Apply for as many scholarships and grants as you can. The more you apply for, the better your chances of securing financial aid.

3. Tailor Your Applications: Each scholarship and grant is unique, so make sure your application stands out by tailoring it to the specific requirements. Highlight the qualities or achievements the committee is looking for, and make sure you follow all instructions carefully.

4. Don’t Forget the FAFSA: If you’re in the U.S., completing the FAFSA is essential for qualifying for federal grants. Many states and institutions also require the FAFSA to determine your eligibility for their grants and scholarships.

5. Keep Your Grades Up: Even though some grants are need-based, maintaining good academic standing is still important for both scholarships and grants. Some scholarships, especially renewable ones, require you to maintain a certain GPA.

Frequently Asked Questions (FAQ)

1. Can I apply for both scholarships and grants? Yes! You can and should apply for both scholarships and grants. Many students use a combination of the two to help cover the cost of college.

2. Do I have to pay back scholarships or grants? No, neither scholarships nor grants need to be repaid, as long as you meet the eligibility criteria and follow the rules outlined by the awarding organization.

3. Can international students apply for scholarships and grants? Yes, many scholarships are available for international students. However, federal grants (such as the Pell Grant in the U.S.) are typically only available to citizens or permanent residents.

4. Are there scholarships for non-academic talents? Absolutely! Scholarships are available for a wide range of talents, including athletics, the arts, leadership, and even unique hobbies or interests.

Invest in Your Future

Whether you pursue scholarships or grants—or a combination of both—the important thing is that you’re taking a step toward investing in your future. While the process of applying may seem daunting, the payoff is well worth it. The less debt you have after graduation, the more freedom you’ll have to pursue your career goals without financial burdens weighing you down.

Start your search early, apply broadly, and keep striving for your personal best. With the right mix of scholarships and grants, you can fund your education and set yourself up for long-term success.

Gold Emmanuel Sep 26, 2024 @ 12:45pm

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Naira appreciates against dollar at black market

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