What Types of Scholarships Are There?

If you want to avail scholarship for college, it is important to note that there are many types of scholarship programs offered by both federal and private organizations. In order to determine which one is the best for you, it is good to know how the scholarship works. Basically, scholarship is a financial aid program that is awarded on the basis of merit – not on the basis of financial need. Financial need is determined on the basis of demonstrating specific academic achievements. For eligible students, financial aid is granted based on the recommendation of either the student’s parents or other persons. The requirements may vary from one scholarship to another.

A scholarship program also differs from student loan in such a way that scholarship funds are not repaid after graduation. Student loan repayments are considered as interest expenses. Thus, during the grace period after completion of the course, repayment of the student loan is only possible if the candidate is still enrolled in the same course. Scholarships offer complete freedom to the students.

There are different types of scholarships available, such as merit-based, financial need-based and minority-based scholarships. Merit-based scholarships are awarded to those who have good academic achievement. Financial need-based scholarships are awarded to those who require extra financial support to enable them to complete their post graduate studies. Minority-based scholarships are awarded on the basis of membership in a particular minority group. These scholarships cover all the needs of the minority students.

Generally, higher education is incomplete without financial aid. However, finding scholarships is not that easy because there are thousands of scholarship programs offered by different organizations. Therefore, you will need to spend some time in searching for the right scholarship program for you. Usually, if you plan to complete your post graduate studies then the chances of getting financial need scholarships are good. Nevertheless, in case you are unable to find a scholarship program then you should start applying for general scholarship funding to fulfill your academic requirement.

If you have done your post graduation and you are still looking for a scholarship program then you should consider a National SMART Scholarship. This scholarship program caters to full time and part time students. This scholarship is designed especially for high school seniors who want to continue their studies after they have finished their high school courses. The SMART scholarship covers full time tuition fees as well as other expenses including books, lodging and daily meals. This scholarship is not only designed for high school seniors but it also caters to those who want to pursue higher studies even after they complete their post graduate courses. Since this scholarship is given on the basis of academic performance, only very good students are encouraged to apply for it.

Another good scholarship program for high school seniors is the Philanthropic Educational Opportunities Scholarship program. This scholarship program helps those who are financially need to complete their post graduate studies and go back to school. This program provides students with money that can be used for tuition fees as well as other educational expenses. Those who get through their four-year degree will not be asked to pay any kind of tuition or fees for at least two years while they get through their education. If you want to know more about this you can click on the link excelsior scholarship.


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