For students attending secondary education institutions, costs can add up quickly. Tuition, housing, books, food, and other supplies - these types of expenses lead many students to seeking student loans and scholarships. In fact, it is this growing need for additional funding that may have led you or your organization to create a scholarship fund.
When you start your research process however, you may realize that there are several types of scholarship funds out there, and it can be difficult to determine which is best to create. With this in mind, below we’re covering eight of the various types of scholarships out there. They are:
While this is far from an exhaustive list, these eight are the most common. Now that you know what types of scholarship funds exist, let’s break them down further to help you determine which one would work best for your needs.
With the exception of a government scholarship, you or your organization has the freedom to create virtually any scholarship. The key to success however, is being transparent with your requirements, and establishing everything in writing so that everyone involved knows what to expect.
When students are applying to colleges, it’s important for them to know what types of scholarship funds are available for them to apply for, and when requirements aren’t clear it’s a waste of everyone’s time and resources.
If you are considering starting a scholarship fund and want help with your pre qualification questions and application form, SmarterSelect can help! Our software has helped hundreds of programs get off the ground and get their application forms online quickly. Learn what we can do for you. Click here to get started today!
1. How do merit-based scholarships work?
For academic scholarships, merit-based scholarships are offered by colleges to students who have demonstrated exceptional academic achievement in high school and/or their initial years in a four year university, and are usually judged by their grade point average.
2. What are the requirements for athletic scholarships?
Athletic scholarships are typically very specific in their requirements including, but not limited to: number of years played, GPA, socioeconomic status, sports signed on to play in school. These scholarships also often require you to attend specific universities/state schools and play the sport that qualified you for the scholarship in the first place.
3. How and on what basis are government scholarships awarded?
Government scholarships are awarded by the government and usually are based on the financial situation of the applicant. They are quite common and are awarded to many students across the country.