What Are the Different Types of Scholarships?
Scholarships can be awarded for different reasons and come from a range of sources. Obtaining a scholarship can seem overwhelming, as the Internet is flooded with information. In order to navigate it with a bit more ease, it's a good idea to identify the types of scholarships that are applicable to you personally. These can include scholarships that are administered by a specific college, a private organization, a corporation or the government.
Function
Scholarships are based on factors such as financial need, academic achievements, intended major or area of interest, and athletic capability. When it comes to any type of school funding, it's important to know how it works and the criteria they go by. There are the need-based grants, which are dependent on the student's financial situation. In order to obtain these types of grants, one must be considered to have a financial disadvantage (below average level of income). Examples of need-based financial aid include Federal Subsidized Stafford Loans, Federal Pell Grants, Perkins Loans, Federal Supplemental Educational Opportunity Grants and the Federal Work Study program.
Considerations
When applying for one of the above, it's a good idea to consult your guidance counselor or work with someone who is familiar with the process. They can help you make sense of the eligibility process and the various financing options that are also available. It's crucial to understand the difference between scholarships, grants and loans.
Types
Specific colleges usually offer financial aid and scholarship opportunities as incentive for prospective students. A school may give out scholarships based on a student's GPA, academic merit, intended major, extracurricular activities and athletics. The particular department of your major can be helpful in recommending additional funding opportunities given by the school.
Features
In addition to educational institutions, scholarships can be awarded by different businesses, corporations and clubs. A student's association within a specific area, such as labor unions, military, trade, religious affiliation, gender, ethnicity, background, political party, charity and community district, provides additional scholarship prospects. Your high school may also provide funding to certain graduating students.
There are many organizations that offer scholarships, ranging from a minimum amount all the way to a full ride. Some of the scholarships may require you to submit a project or write an essay on a topic of their choice. By making these scholarships available, the organization can spread their objectives and promote what they are about. It also gives them the chance to encounter individuals who may be a future asset to their mission. You can locate these scholarships online by using a scholarship search engine, such as FastWeb (fastweb.com).
Benefits
Searching through the different types of scholarships available can be a daunting task, but it's ultimately worth all of the effort. There are a number of scholarships that are not readily advertised. Putting the time in to seek out these hidden opportunities can pay off in the end. If you come across a particular organization or association that does not have a scholarship listing, you can always call them and inquire about funding. Occasionally, places will take an interest in an individual and create some type of financial backing for them.
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