Scholarships and grants are the types of financial aid which do not come with the obligation to return anything back to the awarding body. Therefore, they are good option for anyone in search of funds to pay for their education.
Scholarships are offered by the federal government, organizations, and companies. Winners of these awards are required to maintain a certain level of performance. The criteria for both government and non-government scholarships vary from program to program; so does the amount awarded to students. Some scholarships cover the student’s tuition fees and other expenses, while others may not provide full coverage.
Types of Scholarships
Here are some of the scholarships that are available.
Merit-based Scholarships: There are three types of merit-based scholarships that students can win depending on eligibility. These include scholarships awarded on academic merit, athletic merit, and artistic merit.
Minority Scholarships: Minority scholarships are awarded to different minority groups, including African Americans, Native Americans, Hispanics and Filipino. Some of the awarding bodies include the United Negro College Fund (UNCF), Helen and L.S. Wong Memorial Scholarship, and Human Capital Scholarship.
Mom and Dad Scholarships
Single moms can find scholarships that are specially designed for them. There a scholarships available for men as well (especially for dads).
There are a many unusual scholarships on offer as well. These include left-handed scholarship (offered by the Juniata College to its students); last name scholarship (such as last name ‘Zolp’ scholarship), height scholarship (for both tall and short students), etc.
The government offers the Pell Grant, which, unlike student loans, doesn’t have to be repaid; and, unlike scholarships, doesn’t require you to maintain a certain level of performance. Pell Grants are usually available to undergraduate students who don’t have a bachelor’s or a professional degree (which is generally obtained after a bachelor’s degree in a specifc field, such as law or medicine). In some cases, a Pell Grant may be available to people interested in attending a post-baccalaureate teacher certificate program.
Pell Grants normally serve as foundation of financial assistance, and often determine your eligibility for other grant programs run by the federal authorities such as the Academic Competitiveness Grant (ACG) and the Federal Supplemental Educational Opportunity Grant (FSEOG).
If your family has a total income of up to $50,000, you may be eligible for the need-based funding, though most of the Pell Grant money is awarded to students who have a total family income of less than $20,000.
Scholarships and grants provide students the opportunity to study further without the condition of returning back the awarded money.