Scholarships are awarded based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award.
Scholarships are gift funds that are awarded to students based on criteria set by the donor or sponsoring organization. Examples include: academic merit; special talents, interests, or qualities; and financial need.
Scholarship money is not required to be repaid. Scholarships are a major component of college financial aid in the countries such as the USA.
There are thousands of scholarships, offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations.
With thousands of scholarship resources available, there is a lot of information for students and families to sift through to find best-fit scholarships.
Many families think that students should be applying to dozens of scholarships to get the most money for college. The reality is that the colleges themselves provide the largest amount of scholarships for the students that attend their schools.
This means that you should carefully target which colleges to apply to so that you increase your chances of receiving a scholarship.
All prospective and current college students should apply for scholarships throughout their college career.
How to qualify for a merit based scholarship?
Merit based scholarships are based on prior academic performance.
Other criteria may include leadership, involvement in activities, geographical background, ethnic background, intended major, and career goals. Pay special attention to the eligibility requirements and selection criteria for each scholarship.
The most prestigious, competitive, highly ranked colleges do not provide any merit-based scholarships.
These colleges and universities will often provide very generous need-based financial aid. To receive such aid, families must qualify by filing the FAFSA or the CSS PROFILE and demonstrate financial need.
The government uses this form to calculate an estimated family contribution (EFC). The financial aid office subtracts your EFC from your cost of attendance to determine your financial need. If you are determined to have financial need, you may be eligible for some need-based scholarships.
Many scholarships are geared toward particular groups of people; for instance, there are scholarships for women or high school seniors. And some are available because of where you or your parent work, or because you come from a certain background.
A scholarship might cover the entire cost of your tuition, or it might be a one-time award of a few hundred dollars. Either way, it’s worth applying for, because it’ll help reduce the cost of your education.
