Scholarships-Know About the Different Types and the One Best For You

In Europe alone, there are over 15billion Euros worth of scholarships available. The big question is, which of these many scholarships would be the best for you? In this article, we would be listing different types of scholarships and qualifications to guide you to choose the right one.

What Are Scholarships?

Scholarships are grants made available for students to support their financial needs to further education. It is usually awarded based on academic or other achievements(based on the scholarship hosts). It could either be a one-time fund or continuously renewed after each session.

How Do Scholarships Work?

Without a doubt, the main reason for sourcing for a scholarship is financial support. The full-ride grants are the most expensive, as they cover full tuition and living expenses, and they are the hardest to get. Then they are part base grants which do not cover everything but necessities like tuition fees. 

When applying for scholarships, it is advised to apply as early as possible, before deadlines. With lots of opportunities available, it is essential to apply solely on eligibility. 

Types of Scholarships

There are different kinds of scholarships. It depends on the host or student qualification to know if it’s a full or partly paid scholarship. Some of these are;

  • Merit-Based Scholarships or Fellowships: these are the typical grants available and commonly awarded by private and public institutions. They are mostly given based on academic achievements or extra-curricular activities like volunteer community work, academic excellence, etc

However, fellowship grants focus more on skills and less on academic performance. Such as athletic, artistic, musical excellence, or other unique talents.

  • Specific or Niched Scholarships: these are grants awarded with particular criteria such as minorities or special-needs prospects. These criteria are based on religion, gender, ethnicity, race, or people with disabilities. If you belong to a minority or a particular group of people, these are the best for you.
  • Student-Prize Scholarships: although not like traditional scholarships, these grants are great opportunities to fund further education. In contrast to part-time grants, these prizes are often one-time awards based on academic excellence that could range from a hundred to a thousand dollars. They are mostly given to winners of competitions to support their intellectual streak.
  • Need-Based Scholarships:  these are often student grants offered by public institutions, charitable organizations, or the government itself. For example, these grants are based on single-parent students,  students going in a particular field of study, or living in a specific community. Before applying for such scholarships, ensure that you meet all criteria available. 

Other Types of Scholarships Are;

  • Local Scholarships,
  • National Scholarships,
  • Employers or Military based Scholarships,
  • Regional Scholarships
  • Workplace Scholarships, etc.

Conclusion

This piece defines what scholarships are, how they work, and the different types of scholarships and qualifications. So, if you are starting your scholarship journey and are confused about how to start, this article is the best compass to set you in the right direction on the best scholarship for you.

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