As we all know, the cost of higher education has skyrocketed over the years. With tuition fees reaching record highs, many students and their families are left struggling to make ends meet. In such a scenario, scholarships have become more important than ever before. But what type of scholarship is better- need-based or merit-based? This is a question that has been hotly debated in the education community for years.
While need-based scholarships are designed to help students from low-income families cover their education costs, merit-based scholarships are awarded to students who excel academically, athletically, or artistically. Some argue that need-based scholarships are the right way to go since they help level the playing field for students who may not have the resources to attend college otherwise. Others believe that merit-based scholarships should be given more weight since they reward hard work and talent that deserve to be recognized.
In this article, we will explore the pros and cons of both need-based and merit-based scholarships. We will also analyze the different ways in which these scholarships are awarded, who qualifies for them, and how they impact society at large. By the end of this piece, you will have a better understanding of the scholarship landscape and be equipped to make informed decisions about your own academic journey.
Types of Scholarships
There are different types of scholarships that students can apply for to help fund their education. Some of these scholarships are based on students’ financial needs, while others are awarded based on their academic performance and achievements.
Need-Based Scholarships
- These scholarships are awarded to students who demonstrate financial need and require financial assistance to attend college.
- Factors such as family income, assets, and other financial obligations are taken into account when determining the candidates’ eligibility.
- The amount awarded may vary depending on the degree of financial need and the scholarship provider’s budget.
Merit-Based Scholarships
Unlike need-based scholarships, merit-based scholarships are awarded based on students’ academic achievements, skills, and other non-financial factors.
- Some scholarships may require applicants to have a minimum grade point average (GPA) or standardized test scores to be considered eligible.
- Others may require students to have a specific talent or skill such as athletics, music, or writing.
- The scholarship amount is often based on the applicant’s achievements or potential and can range from a few hundred to several thousand dollars.
Corporate Scholarships
These scholarships are offered by private companies to support students seeking higher education and are typically merit-based.
- Corporate scholarships are often tied to specific degree programs or academic fields, depending on the companies’ industry or workforce.
- Some companies may require applicants to complete an internship or work with them after graduation.
Institutional Scholarships
Institutional scholarships are offered by colleges and universities to incoming or current students. These scholarships may be based on a combination of financial need, academic merit, and other criteria.
| Scholarship type | Descriptions |
|---|---|
| Academic Scholarships | Awarded based on students’ academic achievements and can be major-specific. |
| Athletic Scholarships | Granted to students who are skilled in sports and have the potential to contribute to the school’s team. |
| Leadership Scholarships | Awarded to students who have demonstrated exceptional leadership skills and community involvement. |
| Diversity Scholarships | Provided to students from underrepresented groups such as low-income families, ethnic minorities, and first-generation college students. |
In summary, scholarships come in different forms and are designed to help students pay for college education. Scholarships can be either need-based or merit-based, while some are specific to certain industries, fields, or institutions.
Merit-Based Scholarships
Merit-based scholarships are awarded to students who have displayed exceptional academic or extracurricular achievements. These scholarships are often highly competitive, with numerous students vying for a limited number of awards.
There are different types of merit-based scholarships that colleges and universities offer, such as:
- Academic scholarships: These scholarships are based on a student’s academic performance. Typically, students must meet a minimum grade point average (GPA) to be eligible for these awards.
- Athletic scholarships: These scholarships are awarded to students who have demonstrated significant athletic ability in a particular sport. Often, college coaches recruit student-athletes and offer them scholarships based on their performance.
- Artistic scholarships: These scholarships are awarded to students who have demonstrated exceptional talent in the arts, such as music, dance, theater, or visual arts.
One of the benefits of merit-based scholarships is that they don’t require financial need as a criterion for eligibility. Students from all income levels can apply for these scholarships as long as they meet the academic or extracurricular standards set by the scholarship program.
To determine eligibility for merit-based scholarships, colleges and universities may consider a student’s academic records, standardized test scores, essays, letters of recommendation, and extracurricular activities. Some scholarships also require students to complete an interview or submit a portfolio of their work.
| Scholarship Name | Amount | Eligibility Requirements |
|---|---|---|
| Presidential Scholarship | $25,000 per year | Minimum 3.5 GPA, ACT score of 30 or SAT score of 1390 |
| Athletic Scholarship | Varies | Outstanding performance in a specific sport |
| Fine Arts Scholarship | Varies | Outstanding talent in music, dance, theater, or visual arts |
Students who receive merit-based scholarships may be required to maintain a certain GPA or participate in specific activities to keep their scholarship for the duration of their college career. Merit-based scholarships can also be renewable for multiple years, as long as the student meets the criteria for renewal.
Overall, merit-based scholarships provide an excellent opportunity for high-achieving students to fund their education, regardless of their financial need. By recognizing and rewarding students who have demonstrated exceptional academic or extracurricular achievements, these scholarships can serve as a source of motivation and inspiration for all students to reach their full potential.
Need-Based Scholarships
When it comes to financing education, scholarships are a great way to reduce the financial burden that often comes with attaining a degree. Scholarships are financial awards that are granted to students based on their academic achievements, talents, interests, or, as in the case of need-based scholarships, financial need. Need-based scholarships are one of the many scholarship types that are available to students.
- Coverage: Need-based scholarships can cover a portion or the entire cost of tuition, fees, books, and other educational expenses.
- Eligibility: To be eligible for need-based scholarships, students must demonstrate financial need, which is usually calculated based on their family’s income and assets.
- Application: Most colleges and universities require students to complete the Free Application for Federal Student Aid (FAFSA) to determine their eligibility for need-based scholarships. Students may also be required to complete additional applications or provide additional documentation.
Students who receive need-based scholarships may have to maintain a minimum GPA, take a certain number of credits, or participate in specific programs or activities to continue receiving the scholarship. Additionally, some need-based scholarships may be renewable while others may only be awarded for a single academic year.
Here is an example of a table showing the different types of need-based scholarships that students can receive:
| Scholarship Type | Description |
|---|---|
| Federal Pell Grant | Provides up to $6,345 per year for undergraduate students with exceptional financial need |
| Federal Supplemental Educational Opportunity Grant (FSEOG) | Provides up to $4,000 per year for undergraduate students with exceptional financial need |
| Institutional Need-Based Scholarships | Provided by the college or university based on the student’s financial need |
| State Need-Based Scholarships | Provided by the state government based on the student’s financial need |
Overall, need-based scholarships are an excellent way for financially disadvantaged students to attain higher education and achieve their career goals. If you’re interested in obtaining a need-based scholarship, it’s important to research the different types of scholarships available and to submit all required documentation in a timely manner.
Scholarships for Specific Fields of Study
One common misconception about scholarships is that they are all need-based or merit-based. In reality, there are scholarships available for a variety of niches and specializations. One such category is scholarships for specific fields of study. These scholarships are often tailored towards students pursuing degrees in a particular area, such as science, technology, engineering, and math (STEM), health sciences, arts, or humanities.
- STEM Scholarships: STEM fields are highly in-demand, and as such, scholarships and grants for students pursuing degrees in these areas are readily available. These scholarships are often geared towards underrepresented groups in STEM, including women and people of color. For example, the Anita Borg Scholarship is awarded to women pursuing degrees in computer science and technology, while the National Action Council for Minorities in Engineering (NACME) offers scholarships to underrepresented minorities in STEM.
- Health Science Scholarships: Health sciences comprise many disciplines, including medicine, nursing, dentistry, and public health. Scholarships for these fields are often offered by professional organizations and associations, as well as hospitals and healthcare companies. The American Association of Colleges of Nursing (AACN) offers scholarships to aspiring nurses, while the American Dental Association (ADA) Foundation provides support to dental students.
- Arts Scholarships: Pursuing a degree in the arts can be expensive, but scholarships are available to help offset the costs. Many foundations and organizations offer arts scholarships to students pursuing degrees in fine art, music, dance, theater, and more. The National Young Arts Foundation offers scholarships to high school students specializing in visual, literary, or performing arts, while the Scholastic Art & Writing Awards provide grants to aspiring writers and artists in grades 7-12.
When researching scholarships for specific fields of study, it’s important to explore all options and cast a wide net. Don’t limit yourself to scholarships associated with your school or program. There may be grants and awards offered by national or international organizations that you qualify for.
If you’re unsure where to start, consider speaking with your academic advisor or financial aid office. They can help you identify scholarship opportunities and guide you through the application process. Remember, the more scholarships you apply for, the better your chances are of securing financial support to fund your education.
Specialized Scholarship Programs
In addition to scholarships for specific fields of study, there are also specialized scholarship programs aimed at helping students with unique backgrounds or circumstances. Some examples include:
| Scholarship Program | Description |
|---|---|
| First-generation College Student Scholarships | These scholarships are geared towards students who are the first in their family to pursue a college degree. |
| Military Scholarships | Scholarships and grants for active-duty military personnel, veterans, and their dependents. |
| Disability Scholarships | These scholarships are geared towards students with disabilities, including physical and mental disabilities. |
| LGBTQ+ Scholarships | Scholarships for LGBTQ+ students who have demonstrated leadership and advocacy for the LGBTQ+ community. |
If you fall into one of these categories, be sure to explore specialized scholarship programs that can help you achieve your academic goals.
Athletic Scholarships
Athletic scholarships are a type of scholarship that is awarded to students based on their skills and abilities in sports. These scholarships are often highly competitive and can cover a significant portion of a student’s tuition fees and other expenses.
- Athletic scholarships are primarily merit-based scholarships that are awarded based on the student’s athletic prowess.
- The scholarship may require the student-athlete to maintain a certain grade point average (GPA) to remain eligible for the scholarship
- Some universities allocate scholarships for students who compete in less popular sports, such as rifle shooting, bowling or squash.
College athletic programs often have budgets for their sports scholarships. To ensure that the scholarship program is financially sustainable, universities conduct fundraising to generate additional funds for the athletic scholarships.
Athletic scholarships can be a great way for students who excel in sports to pay for college, but it’s important to note that these scholarships may require a significant amount of time and energy for training and competing in sports. Additionally, athletic scholarships are subject to the National Collegiate Athletic Association (NCAA) regulations, and must comply with rules and regulations for maintaining eligibility.
| Sport | Number of Scholarships Available |
|---|---|
| Football | 85 full-ride scholarships |
| Basketball | 13 full-ride scholarships for men, 15 full-ride scholarships for women |
| Volleyball | 12 full-ride scholarships for women, 4.5 scholarships for men |
Overall, athletic scholarships can be a great way for students to pay for college while pursuing their passions in sports. However, students should be aware of the rules and regulations associated with athletic scholarships and be prepared to dedicate a significant amount of time and effort to their athletic pursuits.
Creative Scholarships
When it comes to scholarships, creativity can be a major factor in getting noticed by scholarship committees. There are many creative scholarships available that offer unique opportunities for students to showcase their talents and skills. Some examples of creative scholarships include:
- The Duck Brand Stuck at Prom Scholarship Contest, which awards scholarships to students who make the best prom outfits out of Duck Tape;
- The Vegetarian Resource Group Scholarship, which awards scholarships to students who promote vegetarianism in their schools and communities;
- The National Candy Technologists Scholarship, which awards scholarships to students pursuing degrees in fields related to candy technology;
These scholarships not only reward students for thinking outside of the box and pursuing their passions, but they also offer an opportunity to stand out among other scholarship applicants.
Corporate Scholarships
Corporate scholarships are a type of scholarship provided by corporations as a way to contribute to education and connect with potential future employees. These scholarships can be either need-based or merit-based, and can come in varying amounts depending on the corporation and their budget for the scholarship program.
Corporate scholarships are beneficial for both the corporation and the student receiving the scholarship. For the corporation, it is an opportunity to show their commitment to education while also creating a pool of potential employees who have already shown an interest in the corporation. For the student, it is a chance to receive financial assistance towards their education while also potentially opening opportunities for future employment with the corporation.
- Examples of corporations that offer scholarships:
- IBM
- Microsoft
- Coca Cola
- Walmart
Corporate scholarships may have specific requirements or restrictions attached to them. Examples of these may include requiring the recipient to major in a specific field, attend a certain school, or have a certain career goal in mind. It is important for students to thoroughly research and understand these requirements before applying for a corporate scholarship.
Below is a table showcasing a few examples of corporate scholarships:
| Corporation | Scholarship Name | Scholarship Amount |
|---|---|---|
| IBM | IBM Great Minds Initiative | Up to $7,000 |
| Microsoft | Microsoft Scholarship Program | Full tuition, books, and a $12,000 stipend |
| Google Lime Scholarship Program | $10,000 |
Overall, corporate scholarships are a great opportunity for both corporations and students. They can provide financial assistance towards education while also creating future career and employment opportunities.
Are scholarships need based or merit based?
1. What is a need-based scholarship?
A need-based scholarship is awarded based on financial need. Applicants must demonstrate that they do not have the financial resources to pay for school.
2. What is a merit-based scholarship?
A merit-based scholarship is awarded based on academic or athletic achievement, leadership, or other talent. Applicants must demonstrate exceptional abilities in these areas.
3. Can I get a scholarship if I have high grades but also have financial need?
Yes, some scholarships may be both need and merit-based. Many colleges and universities automatically consider students for both types of scholarships.
4. Can I get a scholarship if I have average grades but exceptional financial need?
Yes, some scholarships are specifically designed for students with financial need. Check with your school’s financial aid office to see what scholarships are available.
5. Can international students receive scholarships?
Yes, some scholarships are available to international students. However, the availability of scholarships varies from country to country.
6. What is the difference between grants and scholarships?
Grants are financial awards that do not have to be paid back, while scholarships are typically awarded to students who meet specific criteria, such as academic excellence or financial need.
7. Where can I find scholarships?
Check with your school’s financial aid office, search online, and look for scholarship directories. Many private organizations and foundations also offer scholarships.
Closing Thoughts
Thanks for reading! Scholarships can be both need and merit-based, and there are many opportunities available for students. If you’re in need of financial assistance for education, be sure to do your research and explore all of your options. And don’t forget to check back for more helpful tips and advice!