Types Of Scholarships

Scholarships are special funds allocated to students who are specially gifted or talented, are high achievers or are financially unstable or are applicable for any other criteria specified by the scholarship providing institutions. This is an extremely humanitarian move by the educational institutions for it has two great advantages: firstly, the underprivileged students are given a chance to enter an institution they cannot otherwise afford, thus getting an opportunity to learn and lead a better life. Secondly, students with special talents are able to further polish and prove their skills and might, in future, prove to be valuable assets to their countries.

There are several types of scholarships offered to students:

Merit-based scholarships

Merit based scholarships are the ones most common. These types of scholarships are awarded to students on the basis of exceptional academic records or extraordinary achievements in extra-curricular etc. The organizations or institutions which set up the scheme of these types of scholarships test the students either by a comparative standard tests such as SATs, simple entry examinations, past academic record by a certified institution or high school assessment paper’s markings. A student may also be offered a varying degree of paid scholarships that are subjected to the grades he would/had achieve. For example, a student with a 90% aggregate might be offered 100% scholarship (for a variable period of time and based upon certain conditions). Thus once a student is selected, his education is paid directly through.

Need-based scholarships

These types of scholarships are awarded to students on the basis of their financial need and destitution. There is a very strict procedure in the institutions regarding these types of scholarships. A very high scrutiny principal is set up, that investigates the student’s financial conditions to analyze whether he truly deserves the scholarship or not. A test is set up, that varies from different institutions, and which calculates and ultimately decides this scholarship.

Student-based scholarships

Student based scholarships are based on the distinct features of the awardees. These include nationality, gender, religion or medical condition of the students. The motive of these types of scholarships is to provide quality education to students who might be underprivileged due to the reasons stated above. A special quota is set up for them or a financial fund. For example, the 3rd world students might be awarded this scholarship based on their religion or nationality. Handicapped or medically unfit/deformed students will also be eligible for these types of scholarships.

Institution-based scholarships

These types of scholarships are funds or seat allocations set up by individual institutions. The applicants might apply for them, and be awarded on the basis of their academic or other achievements.

Field-based scholarships

Field based scholarships are very subject specific in nature. That is, students applying for a specific career-line might be awarded these types of scholarships because of several reasons. The biggest reason is that the different organizations might wish to deviate fresh professionals to specific fields usually because of the dearth of professionals in the said field or other community requirements.

There are several other scholarships that are more local and inconsequential in nature. Nevertheless the aim is the same: to somehow facilitate students, either as a reckoning for their commendable record/talent or as a support for the underprivileged ones.