Scholarships are not only the awards, incentives, financial aids, or encouragements provided for a student to further education but are grand prospects that can fulfill the dreams and ambitions of the deserving students.
Today, various types of Scholarships are being offered by the various individual trusts, Government institutions, Institutes of higher learning like Universities, Corporate houses or by Missionaries and Charitable Trusts all over the world. These Scholarships are being awarded depending on the various criteria which in turn are decided by the donor or the founder of the Scholarships.
Scholarships are classified into the following major categories on the basis of criteria of the awarded scholarships like: – Merit-based Scholarships, Need-based Scholarships, Student-specific Scholarships and Career-specific Scholarships.
Merit-based Scholarships are the scholarships determined on the basis of student’s athletic, academic, artistic, or other abilities. Need-based Scholarships are the scholarships which are determined on the basis of the financial records of the student and his/her family. However, in case the scholarship is a Federal award, need-based scholarships will require students to fill out a FAFSA in order to qualify for it. Student-specific Scholarships are the scholarships, for which one can qualify on the basis of student’s specific factors like race, gender, religion, family and medical history, etc. Career-specific Scholarships are the scholarships which are awarded to the students who are planning to pursue a specific field or high-need areas of education like nursing in many countries.
Apart from the above mentioned scholarships, one can also find scholarships in their home or local areas as well which in turn are being offered by institutions or organizations like labor unions, houses of worships, chamber of commerce, community foundations and many more.
Finally, one must not forget that the procedures for applying for various types of scholarships are not identical so one must go through the details of the terms and conditions of the scholarships as many scholarships are also attached with some or other types of bond requirements.