What Are Merit Based Scholarships?

What Are Merit Based Scholarships?

A Scholarship is an award of financial aid for a student to further her or his education. Scholarships are giving based on the eligibility requirement specified. The awards the scholarships provide usually reflect the value and purpose of the donor or founder of the award.

Scholarships come in a variety of types. The most common scholarships may be classified as

–          Merit based Scholarships

Merit based is one scholarship type. These scholarships are based on the student’s academic, athletic, artistic, or other abilities, and often factors in an applicant’s extracurricular activities. Usually, the most common merit based scholarships awarded recognize academic achievement or high scores on standardized tests, private organizations or directly by a student’s intended college. Most of merit based scholarships are paid directly by the institutions the student attends.

Merits based are the most highly visible and coveted of scholarship opportunities available to the college bound student. Merit based scholarship attach a certain level of prestige to any college career.

These scholarships are awarded on the basis of achievement rather than need. The student or receiver who wants to get this scholarship must demonstrate an exceptional level of performance in academics. These are the eligibility requirement that have to be met.

Merit Aid

Merit Aid

–          Student specific Scholarships

Student specific scholarships are scholarship types for which applicants must initially qualify based upon race, gender, family, religion, medical history, and many other student specific factors. The Minority scholarship is the most common award for this category. If you are a student in Canada, you may qualify for a number of scholarships, whether you are abroad or study at home. The Gates Millennium Scholars program is another minority scholarship program funded by Melinda and Bill gates for American Indian, African-American, and Latino students who enroll in college.

Merit Based Scholarships

Merit Based Scholarships

–          College specific Scholarships

Another scholarship type is college specific. College specific scholarships are offered by individual colleges and universities to highly qualified applicants. These scholarships are given on the basis of academic and personal achievement.

–          Career specific Scholarships

Career specific scholarships are given by a college or university who awards a student who plans to pursue a specific study, the most generous awards are given to students in high need areas such as nursing or education.

–          Need based Scholarship

Need based awards are based on the student and family’s financial record and require applicants to fill out a FAFSA to qualify if the scholarship is a federal award. Need based scholarships will help a student to calculate the financial need through a formula that looks at the expected family and the cost of attendance at the intended college.

These are a common type of scholarships. Some scholarships have a bond requirement that is awarded to the student. When inquiring about certain Merit based Scholarships, make sure you meet the requirements before applying.

The student or recipient may be required to work for a particular employer for a specified period of time or to work in rural or remote areas.

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