For many Indian students aspiring for high-quality education abroad, scholarships become a great help. Scholarships make education affordable and enable you to access the best universities in the world.
Thus, Universities, Corporations, and Governments invest greatly to provide opportunities for the less fortunate through scholarships and other means of financial aid.
There are 5 types of scholarships that are well known in the mainstream:
Merit-Based: Good Universities and colleges always, look forward to having Meritorious Students, and to attract them, they are always more than happy to offer them scholarships.
Troy Miller once stated, ‘Instead of students competing to get into the best colleges, have the colleges competing to get the best students’. Merit-based awards are hence typically granted on the basis of academic, artistic, athletic or other extracurricular based superiority.
Need-Based: These Scholarships are offered to financially less capable students, to encourage and support them for better education.
Although academic profiles may be considered, the primary concern and decision-making process are based on the monetary well-being of the student’s family. These scholarships may provide coverage ranging from full tuition fees to partial tuition fees, living costs or even the cost of books at times.
Student-Specific: These scholarships are largely granted to students with distinct characteristics that could range from race, gender, religion or even medical issues. They can be better classified as minority-based scholarships as they strictly target minority groups that may be disadvantaged at some level and are given the opportunity to compete on common grounds through financial aid.
Career-Specific: These are the scholarships, given with a motive of promoting certain areas or fields of education, where the supply is relatively less. If you opt to study the programs identified as a skill shortage, you may be eligible to get the scholarships.
College-Specific: Most institutions have certain core competencies that form the foundation for their research, education delivery, and reputation. Hence, to enhance their ideologies and knowledge systems, universities introduce programs and scholarships that are unique to their prestige. These scholarship opportunities are highly competitive and are awarded on the basis of various factors including academic excellence, personal achievements, extra-curricular activities, overall profiles, etc. This is often awarded in the form of reduced tuition fees.
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