Scholarship – Definition
A type of financial aid, in the form of a grant that does not have to be repaid by the recipient. Scholarships are most often given to students for one of two reasons: achievement in academics or other areas, or financial need.
Types of Scholarships
- a. Merit-based: These awards are based on a student’s academic, artistic, athletic or other abilities, and often factor in an applicant’s extracurricular activities and community service record. The most common merit-based scholarships, awarded by either private organizations or directly by a student’s intended college, recognize academic achievement or high scores on standardized tests. Most such merit-based scholarships are paid directly by the institution the student attends, rather than issued directly to the student.
Criteria:– For General Mass, Percentage Range- 70 % onwards (in 12th or Graduation)
- b. Need-based: These awards are based on the student and family’s financial record. Private need-based scholarships also require the certificates of Education Persuaded earlier, which calculates a student’s financial & eligibility for Scholarship in terms of ability for study.
Criteria: For the Income Range between 1 lac-2 lac per annum.
Student-specific: These are scholarships for which applicants must initially qualify based upon gender, race, religion, family and medical history, or many other student-specific factors. Minority scholarships are the most common awards in this category
Criteria: SC/ST/OBC Based Scholarships.
Scholarships by respective Religion/Caste Organizations like Hindu/Muslim/ Sikh/ Jain/ Persian communities
These are scholarships a college or university awards to students who plan to pursue a specific field of study.
Criteria: Subject Based Scholarships
Those career come into this category, which are not far popular, but their demands in the nation are very high. Also, if the Student is willing to work in the high- need community/nation/industry like Science research, Medicine Research etc
College-specific: College-specific scholarships are offered by individual colleges and universities to highly qualified applicants. These scholarships, given on the basis of academic and personal achievement, usually result in either a full-ride to the college, or for a reduced rate of tuition.
Criteria: it is generally offered to the most brilliant student of the Respective College/ University.