A scholarship program provides financial support for a student or group of students. The funds can help ease the burden of tuition fees and textbook costs, allowing students to focus on their studies without worrying about finances. Scholarships are available from a variety of sources, including clubs and organizations, colleges and universities, foundations, companies, and charities. They may be merit-based, need-based, or a combination of both.
Merit-based scholarships are based on a student’s academic achievements, such as a high grade point average or standardized test scores. They can also be based on extracurricular activities or community service. These types of scholarships are often awarded through a process similar to the college application, which requires an essay and recommendations from teachers or club advisers.
Need-based scholarships are based on a family’s financial situation. The award amounts are usually set by a state-level formula, such as those used in California and New York. This type of aid typically requires a student to submit the Free Application for Federal Student Aid (FAFSA).
There are also scholarship programs that target specific groups of students, such as first-generation college students or those from low-income families. These scholarships are often funded by non-profit organisations, which set criteria based on the organisation’s mission. They may also have criteria based on the wishes of donors, such as supporting students from a particular region or studying a specific subject. These scholarships are often awarded in either a lump sum or instalments.