Types Of Scholarships
Scholarship is one of the best rewards that you can give to your child. It is also one of the hardest rewards to attain. You have to work very hard just to be eligible to receive one. A scholarship is basically an award of monetary aid for a deserving student to further his/her education in a specific school, college, school or other educational institution, either a public or private post-secondary institution. Scholarships come in different types, and each type has its own requirements.
Most scholarships are awarded on the basis of academic achievement. In other words, a scholarship award is given on the basis of the academic achievements of the student. Academic achievements include marks in the TOEFL and/or GMAT. When selecting a scholarship for your child, make sure that it is awarded on the basis of academic achievement.
The second type of scholarship that is commonly available is merit scholarships. merit scholarships are awarded on the basis of some merit such as academic excellence or race, ethnic group, etc. Merit scholarships are the easiest to find, as the criteria for acceptance are almost the same as academic scholarships.
A third type of scholarship which can be available to undergraduate students who want financial aid is need-based scholarships. Need-based scholarship are awarded on the basis of the family’s ability to pay for tuition. Eligibility depends upon the family’s income and assets. There are also merit aid and need-based scholarships available for low and middle class students. You can find information about these scholarships from your college counselor.
There are various types of scholarships awarded to undergraduate students. Some popular scholarships awarded are: National Science Scholarship, Undergraduate Science Scholarship, Graduate School Scholarships, and Undergraduate and post graduate Students Assistance Program (UMAP). A typical scholarship definition includes the following criteria: academic excellence, importance to the community, financial need, and presence of prior achievements. Students who have not completed their formal education are typically awarded Need-Based Financial Aid. Need-based financial aid is characterized by a fixed interest rate and only a portion of the award money is based on financial need.
Many students with scholastic aptitude are eligible for scholastic scholarships. A student with good academic achievement is considered a high achiever. Academic scholastic achievement standards differ from state to state. In some states, a high academic achievement standard of the test results or letter of recommendations is required. High scholastic achievement student loan programs are also available.
Private scholarships are the most common source of scholarship money. Different types of private scholarships exist in the market such as academic scholarship, athletic scholarship, honorarium scholarship, business scholarship, minority scholarship and research scholarship. Academic scholarship require the student to have a good scholastic record and should be chosen based on the specific requirements. Academic scholarships are very competitive. However, you can find many private scholarships by conducting online searches.
Undergraduate and post graduate students can also apply for federal student loans that typically award loans for specific reasons. Federal student loans do not normally award scholarships. The federal government awards students who meet specific requirements, for which they must provide proof of their scholastic achievements. To find out more about financial need based scholarships, you can contact your college’s Financial Aid office.
Non-federal educational scholarship are usually sponsored by businesses or organizations and are awarded to specific academic achievements or research projects. They are given to people with the capacity to contribute to society and to individuals who are pursuing scientific or technological careers. The majority of non-federal scholarships are usually awarded to ethnic groups or communities. Students who belong to ethnic or cultural groups or to communities that face particular social or economic problems are typically awarded the scholarship.
A scholarship awarded to undergraduate students who exhibit good academic achievement and financial need to pay for their education usually requires the student to maintain a minimum GPA throughout their studies. The criteria of this scholarship may vary from one scholarship to another. In general, an undergraduate scholarship is designed to help applicants who are financially need to get a degree and meet eligibility requirements. Most often, such scholarships require applicants to demonstrate an ability to pay tuition, scholarship fees and all costs associated with acquiring a degree.
For eligible applicants, there are also some federal student loan scholarship programs that award scholarship money. The terms and conditions of these federal loans are very similar to those of the various non-federal scholarship programs. In general, scholarship money awards are granted to students in need to help them pay for tuition, books and other required expenses related to receiving a college education. Some of these scholarships also cover expenses like room and board and daily living expenses while students attend school.