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What Scholarship is all About?

Scholarship is a financial scheme or a award of access to an institution designed to help students who in one way or the other need some funding to carry on with their academic pursuit such as payment for school fees and buying of text books.

Types of Scholarship

There are different types of scholarship but they are basically grouped into 5:

Merit scholarship

This scholarship is mainly for students that are very talented and have some outstanding qualities and as such the amount paid for such scholarship may be small but helps the student to further in the course of study.This type of scholarship is usually the largest scholarship.

Institutional/University scholarships

These scholarships are awarded by a specific college or university (institution) to students planning to attend that institution.

Sociology

In this type of financial aid, applicants must initially qualify by race, religion, or national origin. After selecting the applicants based on their ethnicity, additional factors are taken into consideration to select the final recipients.

Need

In this type of financial aid, the student and family’s financial situation is a primary factor. These type of scholarships cover all or part of tuition and perhaps living costs.

General

Scholarships can be given based on some reasons of the student's association with the objectives of the sponsoring organization. For example, some corporations give scholarships to their employees' children or based upon academic success, which is given to a student based on his or her academic performance in a particular course of study

Local Scholarship

This type of scholarship is found in home regions. Information on these can be found by asking local persons and organizations. Typically, these are less competitive as the few population is small.

Guidance counselors: When starting to explore scholarship opportunities, most high school students check with their guidance counselors. They can be a reliable resource for local scholarships.

Chamber of commerce: Many chambers of commerce offer (usually small) grants to students in the community, especially those planning on careers in business and public service. Even if they do not offer any themselves, one can usually get a listing of members, and many of them may offer small scholarships to local students.

Other volunteer organizations: Many organizations offer scholarships or award grants to students whose background or chosen field overlaps the field of the organization. For example, local chapters of professional societies may help the studies of exceptionally distinguished students of the region. Similarly, charity organizations may offer help, especially if the late parent of the student was a member of the organization (e.g., a Masonic lodge might help the orphan of a lodge brother.) This kind of scholarship is mostly ad hoc.

School: Old, well-known schools are often endowed with scholarship funds.

University: Old, well-established universities may have funds to finance the studies of extremely talented students of little means. To be eligible, a student often must belong to some special category or be among a nation's best. However, universities have information available on scholarships and grants, possibly even internship opportunities.

PSAT/NMSQT: In the United States, students are given the opportunity to take the PSAT/NMSQT test, mostly in their junior year of high school.It does not only help them to prepare for the SAT later on, but National Merit Scholarship programs are determined, in the first step, by the scores received on the PSAT/NMSQT test.