Scholarships
Scholarships are a type of grant used to finance higher education. Scholarships usually refer to grants awarded to help pay for undergraduate college studies. Since scholarships, unlike student loans, are awards that don’t need to be paid back, they are one of the best forms of financial aid available. Scholarships, essentially, give you free money to pay for college.
Qualifying for Scholarships
College scholarships will fall into one of three broad eligibility classifications: merit-based, need-based, or a combination of both.
Merit-Based Scholarships
Merit-based scholarships are awarded on the basis of some sort of talent, skill, or academic merit. Academic scholarships are the most obvious form of merit-based scholarships. Skill-based scholarships, such as athletic scholarships and music scholarships, can also be thought of as a type of merit-based scholarship.
Need-Based Scholarships
Need-based scholarships are awarded on the basis of financial need. Different need-based scholarships will have differing levels of income and financial requirements as to what constitutes “financial need.”
Combination Merit- and Need-Based Scholarships
Many college scholarships are awarded according to a combination of both merit and need. For these “combination” scholarships, talented applicants who lead the merit pool will also be considered in the context of financial need and of which students might need the scholarship funds more than others.
Types of Scholarships
Most scholarships, whether merit-based, need-based, or both, also take demographics into consideration. These “demographic” scholarships are available to limited and specifically defined groups.
Scholarship award groups may be defined by gender, race or ethnicity, ethnic heritage, a geographical area, the college or university you attend, an intended career or field of study, an extracurricular activity, membership in a club or organization, your parents’ affiliation with or membership in a club or organization, and so on.
Below is a list of common demographics used to define certain types of scholarships:
- State scholarships
- Minority scholarships
- Scholarships for women
- Military scholarships
- Athletic scholarships
- Christian scholarships
- Engineering scholarships
- Math and science scholarships
- Art scholarships
- Photography scholarships
- Music scholarships
- Farming scholarships
- Nursing scholarships
Scholarship Programs
Scholarship programs can be international, national, statewide, local, or institutional. In other words, the potential award pool for any particular scholarship can range from your school’s student body to the local community to the entire country, sometimes even ranging internationally, across multiple countries.
There are school-specific scholarships, municipal and city scholarships, state scholarships, national scholarships, and international scholarships. College scholarships may be sponsored by a college or university, by municipal or state governments, by the federal government, or by private organizations.
Scholarships may be awarded by colleges and universities; by governmental agencies, such as the U.S. military; by private companies and businesses; by nonprofit organizations; or by local, state, national, or international agencies, clubs, and associations.
National Scholarships
Two of the most well-known national scholarship programs are the National Merit Scholarship Program and the U.S. Presidential Scholars Program.
- Students who score exceptionally well on the Preliminary SAT (PSAT) will be eligible for consideration for a National Merit Scholarship. Eligible high-scoring students will be further assessed according to their accomplishments, skills, and abilities, and finalists will be invited to apply for the scholarship.
- The National Merit Scholarship Corporation also sponsors the National Achievement Scholarship Program, which recognizes outstanding Black American students. Initial eligibility for a National Achievement Scholarship will be determined by your PSAT score, just as with the National Merit Scholarship.
- To be eligible for consideration for a Presidential Scholarship, you must score exceptionally well on either the SAT or the ACT. Eligible high-scoring students will be further assessed according to their accomplishments, skills, and ability, and finalists will be invited to submit an application for the scholarship.