A scholarship for any student aspiring to go abroad for higher education is like icing on the cake. Now there are categories of scholarships you must be aware of in case you are eyeing to apply to a foreign university. The main categories under which define scholarships or financial aids are Need-based Scholarships and Merit-based Scholarships. Here in this article, we will talk about what these scholarships are and the category of students who are eligible and can apply for these scholarships.
Need-based Scholarship
The Federal Student Aid falls under need based scholarship. This financial aid is granted by the U.S. Department of Education and this amounts to more than $120 billion a year. Students can use this aid to cover the costs of their tuition fees, boarding, books and transportation amongst other expenses like books, etc. Talking about the Student Federal Aid, there are three types of this one namely Grants, Work-Study and Loans and here is what each of these signify. Grants are financial aids that do not need to be paid back. Work-study is a work program that allows you to work to earn money and pay for the school. Loan is money borrowed from the college that needs to be paid back with interest. You can apply for the Federal Student Aid through FAFSA (Free Application for Federal Student Aid), which is free of cost as the name suggests.
Another point to be noted about the Need-based Financial Aid is that if you financial situation calls for a financial aid, you are eligible to apply. This type of scholarship is entirely dependent on your income, assets and your family’s financial situation. Scores, skills and abilities are not the deciding factors for acquiring this scholarship.
Merit-based Financial Aid
As the name suggests, Merit-based Scholarships are granted to students based on their merit that includes of course their scores besides talents, skills, sports achievements, art endeavours, honorary participation achievements, and the list is endless. Though even the Merit-based Scholarships contain a small element of need-based aid, which comes either from the school itself or any other source, the main criteria for a merit based scholarship is merit itself.
Is It That Simple?
While it all looks extremely simple, the fact remains that it is not. You must be extremely careful about the kind of financial aid you are looking for and why. This WHY is really important. Some students may prefer grants while some may want to go for loans. It all depends what you situation is and what your need demands. Give your best shot while researching about the various aids available and the ones that suit you the best. Prepare a solid application that conveys your need for that aid in the perfect way.
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