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Do you know that private scholarships have crossed a staggering figure of approximately 1.7 million?
And that is just private scholarships! Add to that state scholarships and government grants, and you realize that there is a plethora of choices to fund quality education today.
Despite so many options available, however, there is a lack of awareness amongst students, as well as their families, when it comes to scholarship programs. They often seem clueless. How do scholarships work? How and when to apply for a scholarship? What is the eligibility criteria? So many questions cloud their minds.
If these questions have popped up in your head, too, this article is for you. We've answered all these basic questions with as thorough information as possible to simplify an otherwise complex scholarship journey. So, shall we begin?
» What is a Scholarship?
Scholarships, in simple words, are a kind of educational aid to fund your education. Students tend to opt for scholarships for their college or higher education. Unlike an educational loan, you don’t need to repay a scholarship.
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With a scholarship, you can pay for not only your tuition & fees but also accommodation, travel, books, and supplies.
However, not every scholarship covers everything.
Some are meant to cover just the tuition and fees. Some include the cost of supplies like books, other study materials and supplies, and even a laptop. Some offer living expenses.
That way, each scholarship is different from the other. Each has its own set of rules you must adhere to. Hence, it is wise to go through these rules to make the most of your scholarship program.
Some institutions offer a one-time scholarship, while some offer renewable scholarships. One-time scholarships are a lump sum amount you get once during your course. Renewable scholarships are nothing but scholarships that cover multiple semesters. Some scholarships also fund courses spanning several years.
Let’s look at some of its types in brief for better understanding.
» Types of Scholarship
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› 1) Merit-based Scholarship
As the name suggests, a merit-based scholarship is given based on your academic performance, like GPA or scores secured in the standardized test. Some schools, organizations, and states offer these scholarships to candidates automatically without any application. Some require a proper application process with proof of merit and a resume to qualify.
› 2) Need-based Scholarship
Need-based scholarships are for students with a weaker economic background, depending upon their family income and financial needs. Such programs often require supporting documents to verify your eligibility.
› 3) Athletic Scholarship
Athletic scholarships are meant for students with exceptional athletic skills. Many universities offer scholarships to the right athletic talent without explicit application. Some of these programs require applications that are often forwarded through your current school/institute.
Other than these three, there are chance-based, identity-based, and activity-based scholarships as well.
Chance-based awards don’t have any set criteria, and candidates are chosen for the program at random. Identity-based ones focus on providing aid to students belonging to specific gender, religion, ethnicity, and even military affiliation and disability status. Activity-based scholarships support excellence in a particular stream, such as music, arts, and technology.
» How Do Scholarships Work?
The best thing about scholarships is that they can come from multiple sources - private organizations, educational institutions, non-profits, and government entities.
However, each scholarship has its own set of processes and rules. Some scholarships sponsor students directly without any criteria to be matched. Some programs require applicants to undergo a test or submit required documents to analyze their eligibility. The right candidates are then chosen from the pool and awarded the scholarship.
Suppose you’ve won the scholarship. What happens next is either of the following:
- The funds are transferred directly to your university to cover your education costs, including fees and tuition expenses.
- You receive the funds via a check or direct money transfer and use the same to meet your study expenses.
A lot of scholarship programs are in kind. Meaning, it would reward you by sending you school supplies, specific learning programs, mentorship opportunities, and travel facilities.
The workings of a scholarship, thus, vary with each provider.
» Who can Apply for a Scholarship?
Scholarships are available for anyone who is willing to put in the effort to master their chosen field of study. Whether you’re in junior high, senior high, college, or looking to do post-grad, there might be a scholarship program for you.
From merit-based scholarships to need-based programs, you have plenty of choices. There are stream-specific scholarships. For athletes and artists, for instance.
The best part? Age is not a restriction either to applying for a scholarship.
What you need to do is gather information about the scholarships available for your chosen stream and check the eligibility, along with the terms & conditions. Doing so would help you shortlist the most beneficial ones that complement your candidature.
» When to Apply for a Scholarship?
When it comes to scholarship application, it’s never too late or too early.
You can begin checking scholarship programs while you’re in your junior year of high school. That helps you plan for your college education ahead of time.
Moreover, you can apply for a scholarship even after you’ve enrolled in a college or a grad school. In that case, the ideal time of application would be before the beginning of the academic year.
» How to Get a Scholarship?
If you’re wondering how you get a scholarship, let us tell you that there is no set formula. Each scholarship program comes with its own set of requirements, application process, and eligibility, making the entire process more complicated.
Recommended: List Of Top Scholarship Management Software
Thankfully, there are a few steps you can follow for a powerful application, regardless of your field of study or the kind of scholarship. Here they are:
- Research the various options available for you. From government and university websites to dedicated, private scholarship platforms, gather the necessary information and make a list of the programs that fit your requirements and interests.
- Analyze the eligibility criteria and check if you are their suitable candidate.
- Mark your calendar with application deadlines. Since you’ll be applying for multiple scholarships to land the best one, you don’t want to miss the submission dates of any of them.
- Organize the required documents for each of the scholarship programs.
- Check if you’ve fulfilled all the mandatory steps in the application process - be it documentation or submission of essays.
- Review and submit your application.
» Conclusion
A scholarship is one of the best resources for students across the globe to receive quality education minus any debts. The scholarship system greatly depends on the scholarship provider with a unique set of requirements and application process. Go through the eligibility conditions and offerings of every scholarship program. And shortlist the ones that fit your requirements, interests, and candidature the most.
