There are completely different varieties of scholarships. The most typical scholarships could also be categorised as:
Merit-based Scholarships: These awards are based on a student’s educational, creative, athletic, or different talents, and are sometimes a think about an applicant’s extracurricular actions and neighborhood service report. The most typical merit-based scholarships, awarded by both personal organizations or straight by a student’s intended college, acknowledge educational achievement or excessive scores on standardized assessments. Most such merit-based scholarships are paid directly by the institution the student attends, moderately than issued on to the scholar.
Need-based Scholarships: Some personal need-based awards are confusingly known as scholarships, and require the outcomes of a FAFSA (the household’s EFC). However, scholarships are sometimes merit-based, whereas grants are usually need-based.
Student-Specific Scholarships: These are varieties of scholarships for which candidates should initially qualify based mostly upon gender, race, faith, household, and medical historical past, or many different student-specific components. Minority scholarships are the most typical awards on this class. For instance, college students in Canada could qualify for quite a lot of Indigenous scholarships, whether or not they examine at residence or overseas.
The Gates Millennium Scholarship program is one other minority scholarship funded by Bill and Melinda Gates for wonderful African American, American Indian, Asian Pacific Islander American, and Latino college students who enrol in faculty.
Career-specific Scholarships: These are types of scholarships a college or college awards to college students who plan to pursue a particular subject of examine. Often, essentially the most beneficiant awards to college students who pursue careers in high-need areas similar to training or nursing. Many colleges within the United States give future nurses full scholarships to enter the sector, particularly if the scholar intends to work in a high-need neighborhood.
College-specific Scholarships: College-specific scholarships are offered by individual colleges 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 selected employer for a specified time frame or to work in rural or distant areas; in any other case, they might be required to repay the worth of the help they acquired from the scholarship.
This is especially the case with education and nursing scholarships for folks ready to work in rural and distant areas. The applications provided by the uniformed services of the United States (Army, Navy, Marine Corps, Air Force, Coast Guard, National Oceanic and Atmospheric Administration commissioned corps, and Public Health Service Commissioned Corps) typically resemble such scholarships.
Athletic Scholarships: Awarded to students with exceptional skill in a sport. Often that is in order that the scholar shall be out there to attend the varsity or college and play the sport on their group, though in some nations authorities funded sports activities scholarships can be found, permitting scholarship holders to coach for worldwide illustration. School-based athletics scholarships can be controversial, as some believe that awarding scholarship money for athletic moderately than educational or mental functions isn’t within the establishment’s finest curiosity.
Brand Scholarships: These scholarships are sponsored by an organization that’s attempting to realize consideration to their model, or a trigger. Sometimes these scholarships are known as branded scholarships. The Miss America beauty pageant is a well-known instance of a model scholarship.
Creative Contest Scholarships: These scholarships are awarded to college students based mostly on a artistic submission. Contest scholarships are additionally known as mini mission based mostly scholarships the place college students can submit entries based mostly on distinctive and progressive concepts.
“Last Dollar” Scholarships: will be supplied by personal and government-based establishments, and are meant to cowl the remaining charges charged to a pupil after the varied grants are taken into consideration. To prohibit establishments from taking final dollar scholarships into consideration, and thereby eradicating different sources of funding, these scholarships usually are not provided till after monetary support has been provided within the type of a letter. Furthermore, final greenback scholarships could require households to have filed taxes for the newest yr, acquired their different sources of economic support, and never but acquired loans.