What is a scholarship and how does it work?
What is scholarship? A scholarship is financial support to a student, based on academic achievement or other areas that may include financial need, for the purpose of schooling. Scholarships are of different types. The most common types are – merit-based and need-based. The donor or department funding the scholarship sets the criteria for recipient selection, and the grantor specifically defines how the money is to be applied. The funds are used to defray the costs of tuition, books, room, board, travel and other expenses directly tied to a student’s educational cost through the university.
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Types of Scholarships
Like i discussed in the first paragraph, scholarship are of different type but we only focus on Merit based and Need based. Let's look at them one after the other.
Merit scholarships
Merit scholarships are often related to academic performance, but can also be given to a candidate displaying artistic or athletic excellence, or even a combination of both. It is safe to say that, while all academic scholarships are merit scholarships, not all merit scholarships are academic scholarships. Merit scholarships are typically awarded to students with academic excellence, athletic, or artistic achievements. Many providers offer scholarships to students who have high grades, leadership roles, SAT/ACT scores, and involvement in community service.
In Merit scholarship, you typically don’t have to repay the money. So, the more prestigious awards tend to assess skills and qualities. Students should show an ability to lead, debate, and passion to serve the community.
Need Based Scholarship
The second scholarship type is the Need-based Scholarships is defined as financial aid given to students on the basis of financial need. Students may qualify for need-based scholarship funds if they come from low-income backgrounds, and qualification is usually determined based on family income.
in this type of scholarship, economic factor is not the only consideration. In fact, many of the organizations and programs handing out scholarship funds require students to both demonstrate financial need and show academic, artistic, or athletic achievement. On the other hand, need-based federal grants may be awarded based solely on financial need and not merit.
How do i get a Scholarships?
Scholarships are basically awarded considering different factors, including - but not limited to, academic achievement, departmental and community involvement, employment experience, areas of study, and financial need.
Getting a scholarship is as simple as anything if you are guided or if you follow the right procedure getting a scholarship will be so easy for you. The first to note is that, what scholarship do I want? Merit based or Need Merit.
Though it depends on the scholarship you’re applying for. That is to say that, all scholarships have their own set of criteria students must meet to qualify, and there is no specific income threshold for all opportunities. However, many schools use a similar formula to determine need:
Student Need = Cost of attendance (tuition plus room, board, textbooks, supplies, etc.) – the expected family contribution
In the case of scholarships given by your school, grants given by the federal government, and some private scholarships, a student’s need is determined by filling out the Free Application for Federal Student Aid (FAFSA). Often, financial need scholarships are given to students who qualify for a federal Pell Grant.
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