A Scholarship is an award of financial aid for a student to further their education. Scholarships are awarded based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be re-paid. Scholarships assist those with limited means keeping in mind the end goal to achieve good education. Scholarships may not always be in the form of financial aid. Scholarships are classified into many forms.
Scholarship amounts will vary and can range from a few thousand rupees to complete tuition, room, board and travel. Some of the different categories of study abroad scholarships that are well known are
Merit Based Scholarships
Merit Based Scholarships are granted to students on the basis of a student’s academic achievement, athletic achievement, artistic ability, participation in other extra- curricular activities, etc.
Student Specific Scholarships
Student Specific Scholarships are available to applicants of a certain gender, race, religion, ethnicity or medical history. Minority qualifications will differ based on the type of scholarship.
Need Based Scholarships
Need based Scholarships are grants offered to help a student meet his/her college expenses. Eligibility is based solely on the assets and income of the prospective student and his or her family. Factors such as test scores or athletic ability have limited bearing on any aid designated need – based.
Program / Career Based Scholarships
Program specific scholarships are offered by individual programs or by the colleges and universities they may be in association with. These scholarships are granted on the basis of a student’s academic profile and personal achievement.
Scholarships Can Be Further Divided Into 3 Broad Categories.
- Indian Scholarship : Indian Scholarships are usually introduced on the grounds of enabling the Indian students to work to their potential. Many students are extremely talented but due to lack of finance, they cannot proceed for higher education.
- University Scholarship : University Scholarships are grants, tuitions waivers etc awarded by the institution on grounds of institutions preferences. They are sought by students who indulge in a specific area of interest of study.
- International Scholarship : International Scholarships are awarded to international students coming into the host country. Factors that influence international scholarships include: quality statements of purpose, experience / expertise in extracurricular that the host country lacks.