Types Of Scholarships for all students

The cost of education is becoming significantly challenging for several reasons. Either in India or abroad, there has been a significant increase in the costs of education, such as tuition fees, lab equipment fees, living expenses(if it is abroad), and other education-related expenses.

Therefore, many students are not able to get access to higher education. But no need to worry, as there are ways to fund your higher education, such as finding a relevant scholarship!

Upon hearing the word ‘scholarships,’ we start to believe they are only available for academic achievers. But that’s just one of the myths about scholarships, as there are different types of scholarships available that you can apply for financial aid.

And to guide you on it, we have prepared this article where we talk about the most common types of scholarships available for all students, either in India or abroad. Read further to learn more about it.

Merit Scholarships

• Merit scholarships are the most popular in India and across the world. However, there is a typical misconception around merit scholarships that they are limited to one’s academic performance.
• But this is not true, as merit scholarships are awarded based on a student’s excellence in various other aspects.
• Generally, these scholarships are funded by Government organizations, Private institutions, non-profit organizations, and by some national and international colleges and universities.
• The eligibility for Merit-Based scholarships often depends on students' exceptional skills in a particular field. The eligibility criteria also vary based on other factors, such as the scholarship provider, the strength of the student's profile, etc.

The following are the three types of merit scholarships that you can apply for:

Academic Scholarships

• These scholarships are funded by universities, colleges, or private organizations and are awarded to deserving students based on their grades in high school, undergraduate, graduation, and post-graduation etc.
• These scholarships are also offered based on other entrance exams scores, such as ACT or SAT Exam scores, GRE, CAT, GATE, etc.

Sports Scholarships

• If you are a talented athlete in basketball, football, etc., there is good news! You can apply for sports scholarships at universities.
• However, sports scholarships tend to be very competitive to win, as many athletes apply for this scholarship to get into their desired college.

Average Academic Scholarships:

These scholarships are awarded based on a student’s overall performance, which includes extracurricular activities, leadership skills, community work, artistic skills, etc.

Need-Based Scholarships

• Financial scholarships or need-based scholarships are for students with low-income backgrounds. The main aim of these scholarships is to make education accessible to all students.
• These scholarships are available for Indian students as well as for abroad students.
• Like merit-based scholarships, these scholarships are also funded by many government organisations, national and international universities, private entities, etc.
• The primary eligibility to avail these scholarships is that students need to demonstrate financial hardships with family income proofs, etc.

Underrepresented Scholarships

• These scholarships are offered by many institutions to specially categorized people based on their race and ethnicity of the people.
• Underrepresented scholarships are for marginalized groups such as women, LGBTQ communities, disabled students, etc.
• Students are required to meet the eligibility criteria, such as gender, ethnicity, etc, and any other eligibility as mentioned by the scholarship sponsors.

Country-Based Scholarships

• In countries like the USA, UK, etc, many universities and colleges provide country-based scholarships to international students.
• These scholarships are reserved for international students from developing countries like India to encourage higher studies in their own countries.
• In addition, many private companies also give out these scholarships to international students as a means to support their education.

University Scholarships

• Many universities and colleges offer scholarships to international students who meet specific eligibility criteria, such as scholarships for a particular field of study. Many of these scholarships are funded through private donations from university alumni.
• Most of these university or college-specific scholarships are entrance-based, which means you don’t have to apply for them; still, you get eligible for these scholarships via university admission.

Privately Funded Scholarships

• In many countries, privately funded scholarships are awarded to international students by individual donors, private businesses, etc.
• These scholarships have different eligibility criteria mentioned by the scholarship provider. The scholarship providers are very particular about this to ensure that the scholarship is being offered to the deserving candidate.

Government-Funded Scholarships

• In India and abroad, many government organizations fund scholarships to encourage students as part of their respective government schemes. In addition, these scholarships are highly competitive.
• To avail these scholarships, students are required to meet a specific eligibility criterion as mentioned in the government scholarship description.

Research-Based Scholarships

• These scholarships are for research-oriented scholarships, where organizations fund research programs in specific fields. After graduation or post-graduation, many students want to take their careers forward in research fields. These scholarships are the best option for them.
• Many government and private entities fund these research-based scholarships.
• The eligibility criteria for these scholarships vary based on many factors, such as students' academics, etc.

Scholarships With a Special Focus

Scholarships are also categorised based on specific focus, such as location, subject, and program. 

Location-Based Scholarships: These are designed for students from a specific location, which could be a country, state, or any particular region. For example, there are some special scholarships for Indian students in the USA to encourage Indian students and to strengthen bilateral relations between India and the USA.

Subject-Specific Scholarships: These scholarships are made for students targeting a particular domain. Many countries focus on these scholarships to promote the subject in which there is a shortage.

Final Takeaway

Students often face financial challenges while pursuing higher education. Scholarships are an incredible source of funding for higher education. For a successful scholarship, the right strategy is important. Knowing the different types of available scholarships helps students find the right scholarship. 

In this blog, we have covered the different types of scholarships available for students. This will help students find the scholarships under which they fall and make an informed decision about scholarships.