There are hundreds of thousands of scholarships being awarded each year for varying reasons.
Here are the most common kinds of scholarships:
Student-Specific: These scholarships are designed to encourage diversity and promote access to higher education. They’re widely varied, and awarded based on specific characteristics of the student. For example, there are student-specific scholarships for single mothers, for students with disabilities, or most commonly for members of certain races, religions, and ethnic groups. These scholarships often reflect the values and interests of the awarding organization or foundation.
Need-Based: These scholarships are awarded to students who can’t pay for college on their own, or whose parents can’t pay for their education for them. Students who hope to receive need-based scholarships must fill out a FAFSA form each year, detailing their current financial status. This form is then processed and forwarded to the school, which assesses the student’s eligibility for need-based aid.
Merit-Based: This is also known as performance-based scholarships. These are given to students who exhibit exceptional achievement in academics, athletics, or extracurricular activities. When competing for merit-based scholarships, students who have performed a good deal of community service or volunteer work are at an advantage.
Career-Specific: These are scholarships awarded to students enrolled in or planning to enroll in a program in preparation for a specific career after graduation. Career-specific scholarships are most commonly given to students preparing for professions which are in high demand, such as nursing, teaching, or medicine.
In some cases, students awarded with scholarships need to agree to certain terms. An example would be to spend a certain amount of time working for a company or organization after graduation. These terms are known as “bond” requirements. Medical students, for instance, who accept scholarships with such terms are often required to practice medicine in a rural area for a period after graduation. If these bond requirements are not fulfilled, the student may be liable to repay the scholarship money.