10 Types of scholarships you should know about.

This article covers the 10 types of scholarships you should know about. With this knowledge, you will know the category your qualification and credentials fit in.

Scholarship is not only centered or based on monetary aspects. Although, it mostly comes with financial support, The givers tend to provide beneficiaries with academic, internship and seminar support.

Lately, With the hike in the cost of  tuition fee generally, paying tuition can be a really daunting task for most families. This setback has brought about the seeking of financial aid through scholarship programmes.

Scholarship programmes on the other hand, can be a cost-effective way to cover some of the costs of attending college. Scholarship is not like loans which needs to be paid back.

Mostly, scholarship  focuses on different aspects of a student’s background, from academic achievements to athletic talents. Also, renewal needs to be done regularly on most scholarships. Most of them are done annually.

Scholarships also have some certain requirements which must be met. These requirements might include: taking part in conferences, participating in certain research topics, working for a specific company or institution after studies.

Scholarship differs according to the type being applied for. It is important to understand the different types of scholarships in order to find the ones that best suit your needs and qualifications
There are different types of scholarships available for college students, each has its own criteria and requirements. The different types of scholarship will be discussed below.

         TYPES OF SCHOLARSHIPS

Before we proceed to the 10 Types of scholarships you should know about, you might want to check out this article on How to use volunteer experience to boost scholarship applications – 7 steps.

1. MERIT BASED SCHOLARSHIP:

Merit based scholarship is a type of scholarship that is solely a form of financial assistance that is rendered based on a student’s skill or academic accomplishments. These scholarships are awarded to beneficiaries based on their academic achievement or exceptional talent in a particular field such as sports, music, or art.

To be eligible for a merit-based scholarship, such beneficiary  must have an excellent academic record or demonstrate outstanding skills in their chosen field. These can include athletic or artistic abilities, high test scores, or excellent grades.  These type of scholarship only attracts top talent to institutions hereby rewarding students for their hard work and skills. 

If per adventure such students receive this merit reward, they may be required to maintain their school work above a certain grade point average, or GPA.

2. NEED BASED SCHOLARSHIP:

Need based scholarship is granted to individuals with low financial income. Depending on the level of income the person and his/her family generates, they might actually qualify for it. Need-based scholarships are awarded to students who have demonstrated in way or the other that they truly need this financial need.

This need based scholarship considers truly the student’s family income, assets, and expenses to determine their eligibility. Students from low-income families or those facing financial hardships are mostly granted this scholarship. Need-based scholarships are determined by the  students  financial situation rather than focusing  only on their academic excellence.

This mostly  implies that the student’s family has a  general household income that does not exceed a certain amount. These scholarships are mostly referred to as student grants and are awarded by public institutions such as government, also by charitable organizations.

3. ATHLETIC SCHOLARSHIP:

Athletic scholarships are granted to student athletes who excel in sports and can contribute to an institutions athletic team. Sports scholarships are an excellent way of seeking for  financial aid for higher studies as there are fewer applicants for these scholarships as compared to other scholarships.

For those who have much passion for sports, they might use it to their advantage even after school. Athletic scholarships are based on student’s participation in a variety of sports ranging from football to hockey.

Some scholarships offer full rides covering the entire cost of tuition, housing, and books. Athletic scholarships helps the institutions  sports team to attract and recruit talent to play for the school team.

However, just Like other scholarships, this type of scholarship also needs some certain requirements that a student must meet up to including some certain qualifications which is in addition to their athletic abilities such as: Minimum CGPA, leadership skills, and extracurricular activities. These scholarships may cover part or all of the student’s tuition fees depending on their athletic abilities and performance.

4. MILITARY SCHOLARSHIP:

This type of scholarship is common with  graduate students from 2015 to 2016. These type of Scholarships is common and are available for all five branches of the U.S. armed forces: the Army, Air Force, Coast Guard, Marine Corps, and Navy.

This type of scholarship typically goes to active or reserve service members and veterans. In some cases, these military scholarships may even be extended to family members, and it is also depending on grades or financial needs.

5. GOVERNMENT FUNDED SCHOLARSHIP:

Government funded scholarship offers various scholarship programs, to financially support low-income students pursuing higher education. Aside from offering student grants and loans, the government – whether local, state, or federal – also offers scholarships to their citizens. These options may vary across the country, so the basic requirements to qualifying for this type of scholarship will also vary.

6. INTERNATIONAL SCHOLARSHIPS:

International scholarship is a very common scholarship in the world. International students can also apply for scholarships in other countries which is specifically designed for them to study abroad. These scholarships may cover tuition fees, housing, and sometimes travelling costs.

7. IDENTITY BASED SCHOLARSHIP:

An identity-based scholarship is a type of financial scholarship that is basically awarded to groups to that are not represented well to encourage participation in programs and fields. This scholarship includes students who are from specific ethnic and cultural backgrounds, or those  who have learning or mobility differences. Identity-based scholarships are often offered by third-party organizations.

Apart from a specific identity, many of these scholarships actually  needs a certain GPA or a recommendation of a certain subject or career field.

8. COMPANY SPONSORED SCHOLARSHIP:

Company sponsored scholarships are scholarships which are given out by companies to their employees wards. It is primarily based on their level of intellect.

Many companies offer scholarship programs to their employees children or students who are interested in pursuing a career in their specific industry. These scholarships often have additional criteria such as minimum GPA requirements.

9. SPECIAL/UNIQUE SCHOLARSHIP:

These type of Scholarships are available for students with special and unique backgrounds or interests. These scholarships are meant for students with unique backgrounds or interests, such as scholarships for children of military personnels, students with disabilities, or students pursuing a specific degree or career path.

10. ACTIVITY BASED SCHOLARSHIP:

These scholarships are mostly granted by some Foundations or donations. Some scholarships are based on a student’s involvement with a profession, hobby, or extracurricular activities.

These scholarships recognize students who have actively participated in community service activities and have made a positive impact on the society through their service work. In some cases, funding for this type of scholarship  comes from philanthropic donations or foundations that partner with the school.