Types Of Scholarships

1. Merit Scholarships
These are the most common type of scholarship. Mostly, scholarships are awarded on merit basis. Overall excellent academic achievements form the eligibility criteria to qualify for a scholarship. The achievements may be in the form of the final score or marks scored in the internal examinations or rankings obtained in competitive exams at various levels.
2. Need-Based Scholarships
These types of scholarships are granted to students from the economically weaker sections of the society and are designed to aid the less-fortunate students in getting their academic degrees. Organizations or committees granting such scholarships take various factors into consideration such as family’s income, number of members in the family and number of siblings studying in school simultaneously, cost of living, etc. for the grant of funds under such scholarships.
3. Athletic Scholarships
Athletic scholarships are given based on the skill an athlete demonstrates in his or her area of sport. Students who have been great athletes in their school-times might have their college education paid for through an athletic scholarship. By way of scholarships, the star athletes are allured by different universities to recruit them for their own athletic teams.
4. Full / Partial Scholarship
Scholarships do not cover the cost of everything always. Of course, a full scholarship covers the full and final costs of living, study material including books and tuition fees. However, many scholarships are partial, i.e they may either cover any one or a part thereof like only the tuition fees or a part of it.
5. Fellowships
Some scholarships are provided in the form of fellowships. In a fellowship, the student usually studies for an advanced degree or conducting research or to be a sub-specialist in his or her field. A scholarship of this type generally covers the cost of research and courses.
6. Major-Specific scholarships
Many colleges offer scholarships to students in a particular subject. For a student to become eligible for such type of scholarship, he or she must pursue the specified subject in which he or she has academically excelled as his major subject of study.. These types of scholarships are granted on the same lines as institutional-based scholarships.
7. Ethnic / Minority and Religious Scholarships
Some minority communities, ethnic groups and religious organizations also provide financial aid to their members to help them pursue their desired education. The primary determinant for award of such a scholarship is the race or religion of a student, though the academic grades also are taken into account.
Advantages of Scholarships: Some of the most valuable advantages of getting the scholarship are as follows:
• Getting a scholarship is to have free money from the donor to pursue further education or to meet other financial needs. One of the major benefits of scholarships is considerable reduction in the cost of attaining the qualification. In other words, it is one of the most cost-effective tools to attain education. In the last few years there has been a blindfold increase in the cost of education which has virtually made higher education next to impossible for the students from low-income group families. Now, in these tough times, if such a student gains scholarship then he or she gets an opportunity to earn a good degree and get better paying jobs which in turn can help him or her to support his family. • Students can completely concentrate on their studies without having any type of financial burden on them like paying the fees, expenses on books and other study material, etc. They can completely focus on their studies without any kind of pressure. • The tag of ‘high prestige’ is directly linked to an award of scholarship, as scholarships are awarded to students who hold a proven track record of a brilliant score and excellence in their respective fields. Thus, those who attain scholarships are considered to be more intelligent people than the rest and are more respected by the society. • Another good advantage is that when applying for a job, scholarships serve as a highlight on a person’s job resume as these are also brilliant resume boosters and look fantastic when listed on the resume. • Scholarships are far better than loans. Actually the comparison between the two is pointless, as loans come with a pay-back liability. Many students who take educational loans from banks and other financial institutions to earn their degrees feel it really difficult to repay the loans and they are continuously under pressure from the banks and other financial institutions. Consequently many students can be found working after college to get some money for repaying their loan. Such students are stressed with studies and work at the same time. The enjoyment and freedom to live a stress-free life becomes a distant dream for them. In such cases, the scholarships can make them absolutely free from the burden of repayment. Also, an additional benefit can be that if they work, their earnings can be saved for future benefits.