A scholarship is awarded to students based on various criteria such as finances, values and purposes and comes in the form of financial aid. Multiple instances of scholarships are in existence, however the four main classifications include; merit-based scholarships, need-based scholarships, student-specific scholarships and career-specific scholarships.
Merit-based scholarships are most often based solely on the abilities of the student – whether these abilities be in athletic, academic or artistic fields. The majority of merit-based scholarships for students are supplied by the intended college of study or by private organizations.
Need-based scholarships are based around the financial record of the student in question and their family at large. These are generally determined by a government agency and take into account any possible family contribution and also the overall cost of attending the educational establishment of choice.
Student-specific scholarships are somewhat more associated with ethnic minorities. A particular emphasis is placed on demographical issues such as race, gender or religion when selections are made for these scholarships.
Career-specific scholarships are much more specific to colleges and universities where a particular field of research and study is at the forefront. These awards can be more generous than other scholarships available – and in particular a lot of focus is on education and nursing students – both of which are in high demand.
Alternatively, a grant is where the federal government award financial assistance to the recipient to carry out a public purpose of support or stimulation. In the case of higher education, these grants can be used to boost student numbers in particular fields of study, or to boost independent schooling numbers.
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