Most of the students applying for higher education look for scholarships to support their studies. Scholarships are merit based monetary gifts or financial aid awarded to a student for further education and needn’t be repaid. Scholarships are awarded by many institutions including the state and federal governments, public and private organizations and colleges and universities.
Scholarships are an attractive way to pay for college and range from a few dollars to covering the complete tuition expenses. Scholarships are generally based on academic merit or other forms of achievement like community service or athletics. They are also awarded based on need. All students are eligible for scholarship and can apply.
Types of Scholarships
Scholarships may be broadly classified into the following types:
1. Merit-based: These awards are based on a student’s academic achievement or high scores and the athletic, artistic or other abilities.
2. Need-based: These awards are based on the student’s financial record and need, and are awarded on the basis of FAFSA results.
3. Student-based: These scholarships are awarded to students qualifying by race, gender, religion, family and medical history, or other student-specific factors. Minority scholarships are the most common awards in this type.
4. Career-based: These scholarships are awarded by a college or university to students pursuing a specific field of study.
Scholarships vary in the amounts and the students are advised to apply for all programs regardless of the amount offered. While larger scholarships can be helpful, smaller loans have less competition and increase the chances of being awarded. Also, multiple smaller scholarships can be combined to get the same benefit as that of the larger scholarships. Scholarships can greatly reduce the need for loans and should be utilized by students to pay for college.
