A scholarship is an award of economic support for a scholar to additional their schooling. Scholarships are awarded primarily based upon numerous criteria, which often replicate the values and functions of the donor or founding father of the award. Scholarship cash is just not required to be repaid.
Scholarships vs. Grants
Whereas the terms are often used interchangeably, there’s a distinction. Scholarships could have a monetary want element however depend on different standards as nicely.
Academic Scholarships usually use a minimal Grade Point Average or standardized take a look at ratings such because of the ACT or SAT to pick out awardees.
Athletic Scholarships are usually primarily based on athletic efficiency of a scholar and used as a device to recruit high-performing athletes for his or her college’s athletic groups.
Merit Scholarships might be primarily based on various standards, together with efficiency in a specific college topic and even membership participation or neighborhood service.
Grants, nevertheless, are supplied primarily based solely on financial need and decided to utilize the applicant’s information.
The commonest scholarships may be categorized as:
Advantage-based: These awards are primarily based on a scholar’s educational, creative, athletic, or different skills, and infrequently consider an applicant’s extracurricular actions and neighborhood service report. The most typical merit-based scholarships, awarded by both private organizations or straight by a scholar’s supposed school, acknowledge educational achievement or excessive scores on standardized assessments. Most such merit-based scholarships are paid straight by the institution the scholar attends, fairly than issued on to the scholar.
Need-based: Some personal need-based awards are confusingly referred to as scholarships, and require the outcomes of a FAFSA (the family’s EFC). Nonetheless, scholarships are sometimes merit-based, whereas grants are usually need-based.
Scholar-specific: These are scholarships for which candidates should initially qualify primarily based upon gender, race, faith, household, and medical historical past, or many different student-specific elements. Minority scholarships are the most typical awards on this class. For instance, college students in Canada could qualify for various aboriginal scholarships, whether or not they examine at house or overseas. For Example The Gates Millennium Students program is one other minority scholarship funded by Bill and Melinda Gates for glorious African American, American Indian, Asian Pacific Islander American and Latino students who enroll in school.
Profession-specific: These are scholarships a school or college awards to college students who plan to pursue a selected area of examine. Usually, essentially the most beneficiant awards to college students who pursue careers in high-need areas equivalent to training or nursing. Many faculties in america give future nurses full scholarships to enter the sphere, particularly if the coed intends to work in a high-need group.
School-specific: School-specific scholarships are supplied by particular person faculties and universities to extremely certified candidates. These scholarships are given on the idea of educational and private achievement. Some scholarships have a “bond” requirement. Recipients could also be required to work for a specific employer for a specified time period or to work in rural or distant areas; in any other case, they could be required to repay the worth of the help they acquired from the scholarship. That is significantly the case with training and nursing scholarships for individuals ready to work in rural and distant areas. The packages supplied by the uniformed companies of the USA (Military, Navy, Marine Corps, Air Power, Coast Guard, Nationwide Oceanic, and Atmospheric Administration commissioned corps, and Public Well being Service Commissioned Corps) generally resemble such scholarships.
Athletic Scholarships: Awarded to college students with distinctive ability in a sport. Usually, that is in order that the coed can be obtainable to attend the varsity or school and play the game on their group, though in some international locations authorities funded sports activities scholarships can be found, permitting scholarship holders to coach for worldwide illustration. College-based athletics scholarships might be controversial, as some imagine that awarding scholarship cash for athletic fairly than a tutorial or mental function isn’t within the establishment’s finest curiosity.
Brand Scholarships: These scholarships are sponsored by a brand that’s making an attempt to realize consideration to their model, or a trigger. Typically these scholarships are known as branded scholarships. The Miss America magnificence pageant is essentially the most well-known instance of a model scholarship.
Artistic Contest Scholarships: These scholarships are awarded to college students based on a inventive submission. Contest scholarships are additionally referred to as mini undertaking primarily based scholarships the place college students can submit entries primarily based on distinctive and modern concepts.