Types of Scholarships

3:52 AM

GRE

Types of Scholarships

Scholarships are primarily one of three types:

• Merit-based

• Need-based

• Student-specific

1. Merit-Based

Generally people think that ‘merit scholarships’ are just for those students who have high grades or are excellent in academics. Merit scholarships are definitely given to top-scoring students, but that's not all, ‘Merit’ means ‘to be worthy of or to deserve’.

So, if you are a brilliant athlete and excel in a specific sport, or you are a talented singer, musician, or dancer and you excel in a specific performing art you may still get a ‘merit scholarship’

Top scores in standardized tests such as SAT, ACT, GRE, GMAT, IELTS and TOEFL etc. are also taken into consideration for academic eligibility. Merit scholarships are offered by educational institutions and by private organisations. A consistent top-ranking performance from senior school or class ten on-wards ensures that applicants have a good chance of obtaining a scholarship.

2. Need-Based

Need-based scholarships are given to students who cannot afford to pay their college tuition fee. Students coming from a less well off family can apply for these scholarships. Students who have financial/economic problems and are consistently good at their studies are eligible for need-based scholarships. Some institutions also offer need-based scholarships to single parent students.

3. Student-Specific Scholarship

Student-specific scholarships are provided to a specific category of the students. This can be based on the student’s race, sex, religion, family, medical history and many other factors. Minority scholarships for African, Latin-American and aboriginal students fall under this category.

For example: ‘The Gates Millennium Scholars Programme’ is a minority scholarship funded by Bill and Melinda Gates for excellent African American, American Indian, Asian Pacific Islander American and Latino students who enroll in college. Meanwhile Commonwealth scholarships are offered to students from countries who are part of the British Commonwealth countries.