Scholarships are financial prizes that students receive to help them pay for their education. They can be given out by institutions, organizations, or individuals and are based on a number of criteria such as academic success, extracurricular activity, community service, or financial necessity. Scholarships are a great way to attract brilliant students who otherwise might not be able to afford there studies. Through scholarships brilliant mind are not wasted but rather used in research and development to create a better future for humanity.
Types of Scholarships
There are many different types of scholarships and generally they can be classified in following categories,
Academic Scholarships
Academic scholarship are awarded to students who have an excellent academic records. these scholarships are usually awarded by Government. universities and colleges, but they can also be awarded by external non profit organizations. to be eligible for an academic scholarship, students typically need to have a high GPA, and they must have achieved a certain level of academic success.
Merit-Based Scholarships
A merit-based scholarship is a type of scholarship that is awarded based on a student’s achievements. These scholarships recognize student’s exceptional talent and help them further enhance those talents. These scholarships are generally funded by colleges, Universities or private sources like foundations and corporations. Governments from many countries also offer these scholarships to attract brilliant students from all over the world. So, if you’re a student looking for help paying for college, merit scholarships are definitely worth exploring. Scholarship coverage varies for each scholarship ranging from a few hundred dollars to full rides covering the entire cost of college attendance.
Here are the some examples of Merit-based scholarships
- Fulbright Scholarship
- Rhodes Scholarship
- Erasmus Mundus Scholarship
- Chevening Scholarship
- China Scholarship Council
- Australia Awards Scholarship
- Mastercard Foundation Scholarship
Need-Based Scholarships
Not all students from poor households can get amazing scores to be considered for Merit or Academic based scholarships. For those students Need-based scholarships are awarded as it is based on a student’s financial situation rather than their specific talents or academic achievements. These scholarships take into account the individual circumstances of the student and their family. Unlike merit-based scholarships, which are awarded based on academic achievement or other talents, need-based scholarships focus primarily on the student’s financial situation.
Examples
- Jack Kent Cooke Foundation Scholarships
- Dell Scholars Program
- The Beinecke Scholarship Program
- Be Bold Scholarship
Student-Specific Scholarships
Student-specific scholarships are awarded to students who meet certain criteria, such as race, gender, religion, or ethnicity. these scholarships are designed to promote diversity and inclusivity in education and are often awarded to students who have faced historical discrimination or barriers to education.
- Mastercard Foundation Scholarship
- Legacy Lab Scholarship
- Annual Sphinx Competition
Athletic Scholarship
An Athletic Scholarship is a type of financial aid awarded to student-athletes who demonstrate exceptional athletic abilities in a particular sport.
Fellowships, Assistantships, and Professorships
Fellowships, assistantships, and professorships are all types of educational funding that are similar to scholarships, but they have some key differences which we will discuss below.
Fellowships
Fellowships are for graduate students or recent graduates pursuing advanced degrees or research projects. They are highly competitive and often come with additional benefits beyond just tuition coverage, such as a stipend, research funds, and professional development programs. Fellowships are high funded for example Banting Postdoctoral fellowships offers 70,000$ per year. Duration of a fellowship varies from few months to few years.
Major Fellowships
- Fulbright Fellowship Program
- Hubert Humphrey Fellowship Program
- Banting Postdoctoral Fellowships
- Chevening Fellowship
- Commonwealth Professional Fellowships
Assistantships
Assistantships means working for a professor or teacher to assist in teaching or research. In return students get some benefits in the form of stipend or tuition fee deduction. Assistantships are great source of funding for students to help them cover there living and educational expenses. There are many types of Assistantships but following three are the major ones.
Types of Assistantships
- Teaching Assistantships
- Research Assistantships
- Graduate Assistantships
Professorships
A professorship scholarship is a type of scholarship that is awarded to a student who is pursuing a degree in a field that is related to a professorship. Professorship scholarships are typically awarded to students who have demonstrated academic excellence, leadership qualities, and a strong commitment to their field of study.
I hope this will clear your mind regarding what is a scholarship and what are it types. And i hope this will help you choose to apply for scholarship which is most suitable to you.
