A scholarship program is a form of financial aid that’s given to students who meet specific criteria. These can include academic merit, athletic achievement, community service, or a combination of the above. Scholarships can be awarded by clubs, organizations, foundations, companies, colleges and universities, the uniformed services, the government, and individuals. Each has its own set of rules on how students can spend their awards.
Merit scholarships are most common and based on a student’s grades, test scores, or achievements in particular areas. Scholarships offered by schools are also often based on these criteria, as they are an important recruiting tool to attract high-performing students. Other scholarships are based on a student’s background, such as their race or ethnicity, family history, religion, or hobbies. These scholarships are sometimes known as ‘demographic scholarships’.
Some scholarships may be paid directly to the student in a lump sum, while others are paid out in instalments. In either case, the rules for how students are expected to spend their awards should be read carefully. For example, some scholarships may be restricted to only covering tuition fees, while others can be spent on living expenses, textbooks, or technology.
When applying for scholarships, remember that most awards have different requirements and deadlines. To keep track of these, consider using a scholarship management platform like Going Merry, which will help you manage your application process by keeping all of your deadlines and essay topics in one place. It can also help you find awards that you are eligible for by providing a list of those that match your qualifications, and it will send reminders to ensure you don’t miss any important deadlines.