With the cost of education increasing, it is wonderful that many organisations and private institutions are sharing the burden by offering families more scholarships and financial aid to help meet their financial expenses. It is no secret that studying can be very expensive, especially for undergraduate and postgraduate degree programs. It is even more expensive for students interested in studying abroad; that’s where scholarships and other financial aid come into the picture.
What are Scholarships
A scholarship can be defined as a grant of monetary support given to a student to help advance their schooling in high school, university, or any other academic institution. Scholarships are awarded based on a specific criterion or a combination of criteria. A scholarship could be awarded based on academic merit, arts and creativity, athletic skill, financial need, etc. These specific requirements usually reflect the sponsor or financier of the award’s principles or values. Sponsors could be individuals with the financial capacity to give out this aid, or it could be an organisation.
While people who receive scholarships are not expected to repay scholarship donations, they may be required to continue to meet certain requirements during their period of assistance. These requirements may include maintaining a cut-off grade point average or actively partaking in a specific activity (for example, students on athletic scholarships would be part of the school team).
Scholarships are not often in cash. They may provide a financial award but also give an award in kind, e.g., a fee waiver or covering accommodation expenses. They may even be a combination of cash and kind.
There exist two main types of scholarships that one can apply for: full scholarships and partial scholarships.
Full scholarships are a payment that covers all of your tuition and textbook fees. It may even provide a monthly allowance to cover your daily expenses. Partial scholarships, on the other hand, are usually a smaller payment that must go towards your studies. The total scholarship amount is often stipulated along with the application requirements.
Scholarship vs other funding
Scholarships vs grants
Grants are funds paid by one group, most often a Government Department, to a receiver, usually a nonprofit organisation, educational establishment, company, or person. On the other hand, scholarships are granted to learners who are academically qualified and who need monetary assistance to complete their studies.
Scholarship and grant terminology varies by sponsor. Awards may be based on academic, sporting or artistic achievement, financial need, a field of study or a combination of criteria. Read the actual eligibility rules instead of assuming every scholarship requires both high marks and financial need.
Scholarships vs student loans
Student loans must normally be repaid under their agreement. Scholarships normally fund study without ordinary loan repayments, but their conditions may require academic progress, service or repayment after a breach. The name of the award alone does not determine all its terms.
Funding may be credited to the institution’s fee account, paid to the student, or provided through allowances or fee waivers. Payment timing and amounts depend on the funder; there is no general rule that loans arrive as one annual lump sum or scholarships as smaller cheques.
Scholarships vs bursaries
A bursary is a monetary prize from any scholarly institution or financing authority to individuals or groups. It is usually awarded to enable students to attend school, university, or college when they might have no other means of furthering their education.
Both scholarships and bursaries cover students’ educational expenses based on academic performance and financial needs. The difference is that scholarships are more likely to finance students with extraordinary academic accomplishments, while bursaries are mostly inclined to fund learners in financial need.
Scholarships and bursaries are usually awards rather than ordinary loans, but they can carry academic, service, disclosure and repayment conditions. Read the signed agreement to understand when funding can be withdrawn or recovered.
Scholarships vs fin ancial aid
Universities, government bodies, employers and private organisations offer financial aid. This umbrella term includes scholarships, bursaries, grants and loans. Eligibility can depend on need, achievement or other criteria, and repayment depends on the particular funding agreement.
A scholarship is one form of financial aid. Award duration and renewal requirements vary; some cover one year and others support a longer programme subject to continued eligibility.
How can you qualify for a scholarship?
Most scholarships are merit-based; they are awarded entirely on outstanding academic achievements. However, sponsors and financiers are free to include other requirements that you, as the applicant, must meet. Some scholarships are awarded based on some of the following:
Gender:
Some scholarships are gender-specific to women and men. The sponsor might have a soft spot for or an inclination to sponsor young women’s educational journey. For example, there are many scholarships available for women in tech or entrepreneurship. The goal is often to encourage them to engage more in these fields.
Religious affiliation
A sponsor, either an individual or an organisation, may give preference to a particular religious group. It could be Islam, Christianity, or whichever religious affiliation they choose. The aspect of religion may also be based on a specific denomination or group. For example, a Catholic scholarship would give preference to Catholic students.
Voluntary work and social engagement
Some scholarships prefer students who are active change-makers, participating in community development and social engagement through volunteerism. Usually, these scholarships are sponsored by non-governmental organisations focused on community development activities.
Sporting background
Scholarships awarded to students based on their sports backgrounds are sometimes called athletic scholarships. These scholarships are sometimes specific to a particular discipline, such as football, handball, gymnastics, or any other discipline that the sponsor might specify.
Financial need
These are commonly called need-based scholarships. The student might not necessarily be outstanding or a genius but can be awarded a scholarship based on their financial shortcoming and the inability of their parent or guardian to provide them with education. In this case, they are usually requested to prove that they are indeed deprived and need financial assistance to complete their educational journey.
Career path
Career-oriented scholarships are usually focused on a specific career path. Some sponsors may specify careers such as accounting, banking, chemical engineering, journalism, etc.
Specific subjects/degrees
Scholarships are often awarded to students pursuing a specific degree or a subject. Scholars are available for maths students, ICT, engineering degrees, or whichever specific degree program you intend to pursue.
So, if you don’t specifically have outstanding academic results, don’t give up on applying for or looking for scholarships. There may be others that you can qualify for based on your background and extracurricular activities!
Scholarships, finding the right fit!
One thing you should keep in mind is that there are hundreds of scholarship opportunities out there just waiting for you to make the first move! This means that you will have to take time to research to find the one or two you are fit for. Finding the perfect fit might seem tedious, but do not be discouraged because putting in the work can make the difference between free education and having to get a student loan or missing out on school altogether.
Where should you look
The best place to find a scholarship that applies to you is to visit your university’s funding page or the student affairs office. This will direct you to any scholarships that apply to most students at your university.
Suppose your university doesn’t have a funding page. In that case, you can simply do a general search for scholarships on Google and go through the painstaking task of discovering scholarships that apply to you. You can also subscribe to several websites listing scholarships, grants, and student loan opportunities. You get daily or weekly newsletters of the available scholarship opportunities by subscribing. Some of these websites allow you to filter your search to specifics.
How to choose the right scholarship
When presented with many options, picking the right one might be challenging. You must read the scholarship’s main information page and ensure you know everything about what the scholarship is offering. The information page should also have an Eligibility or Requirements section, which will tell you immediately if you qualify or not. This helps you focus on those scholarships that apply to you.
If you are eligible for a scholarship but don’t get awarded it in the first year you apply, try applying again the next year.
Read Also: How to Apply for Bursaries
While applying for scholarships, be sure to proof personal essays and any other application essays that you might be required to write. Be sure to complete your applications well before the closing date of the scholarship you choose to apply to.
If you receive several awards, disclose them to the relevant funders and your university. Some awards may be combined, while others are reduced or cancelled when total support exceeds the approved cost of study. Follow each funding agreement rather than assuming you must automatically forfeit every additional award.
