What is a Scholarship and How Do They Work?

There are many types of scholarships available to students. Some are merit-based, while others are sponsored by companies. These scholarships can cover the entire cost of school, or just cover a portion of it. Below we'll look at some common types of scholarships and how to find them.

Merit-based scholarships

Merit-based scholarships are usually awarded to students based on their performance in school. The selection process is often lengthy, so students should look for schools with a high percentage of merit-based students. These awards generally do not include athletic awards or tuition benefits. Therefore, students should be prepared to prepare a portfolio or project report before applying.

Many organizations sponsor merit-based scholarships, but eligibility requirements can vary. Before applying, be sure to read the application requirements and complete all application steps. Not following instructions may lead to disqualification. It's always a good idea to complete as many applications as possible. It's also best to ask the college admissions office if they offer merit aid. Often, applicants will receive notice of eligibility via their admissions application, but you may have to submit a separate application.

Merit-based scholarships are usually awarded by a committee of business and university officials. Some are sponsored by wealthy individuals, while others are given to disadvantaged students. The committee will consider the applicant's academic achievements and extracurricular activities to decide whether to award them a grant. Some of these awards come with conditions such as maintaining a certain grade point average or participating in a community service project.

Companies that offer scholarships

Many companies offer scholarships to their employees, as a way of bridging the educational affordability gap. One such example is Franciscan Health Systems in Tacoma, Washington. This nonprofit health care provider awards scholarships to children of its employees who want to pursue careers in the health care field. While Devan Bremm is eligible for a scholarship from the company, she was in her junior year of elementary school and had been paying for college herself since her sophomore year. According to the 2005 Benefits Survey Report, around 27 percent of companies offer employee dependent scholarships.

Companies that offer scholarships include employers, schools, and charities. Many companies do not advertise their scholarships externally, so it's essential to look internally. Ask your HR person if they know of any scholarships at your company. If your current employer offers scholarship programs, ask about their eligibility requirements. Some organizations provide up to $2,500 in financial aid each year for college tuition.

Other ways to find a scholarship

When applying for a scholarship, make sure to take advantage of extracurricular activities to demonstrate that you are committed to bettering yourself outside of the classroom. Get involved with extracurricular activities that showcase your leadership and community service skills and show the organization that you are interested in improving the community. Your local church or other community organizations may also offer scholarships.

College websites also provide listings of scholarship opportunities. Some colleges even allow alumni and local organizations to submit applications. Visiting the financial aid office can also provide valuable information about scholarship opportunities. Once you have a list of scholarships, it is time to filter through them and apply for the best ones. Scholarship search engines such as FastWeb let you filter your results by major, year of study, and more.

Scholarships are often available based on academic achievement and financial need. The best students often earn these awards. Some universities also automatically consider scholarship applicants who score the highest. However, pushing yourself too hard academically can be draining, so make sure to take breaks to recharge your mental energy.