There are two types of Scholarships: Merit-Based and Need-Based.
These Scholarships can be funded by individual organizations, universities, and governments.
Most scholarships typically have criteria based on country, program, university, gender, achievement, etc.
The most common hurdle people face when pursuing international higher education is financing their education. The tuition fee and cost of living could appear hefty to many students and their families. However, students can reduce these costs multifold, thanks to the scholarships and financial aid made available by various governments, universities, and other institutions.
The first step to getting a scholarship is to know about them! Since multiple options are available, thorough research is vital to the process. Let's start with two broad categories of scholarships available: Merit-based and Need-based.
As illustrated by the diagram, these scholarships are funded by either private organizations, universities, or governments. Most scholarships put specific eligibility requirements that can be based on the country, program, age, university, gender, and other such criteria. This helps organizations serve a particular cause they are interested in promoting while evaluating students. Most scholarships require students to meet multiple criteria instead of just one. For example, The Cornell University Tata Scholarship allows Cornell to provide financial aid to undergraduate students from India. This supports 20 scholars annually at any given time and ensures Indian students have access to Cornell, regardless of their financial circumstances.
Understanding Merit-Based and Need-Based Scholarships
Merit-Based Scholarships
Merit-based scholarships do not consider a student's financial status and are solely based on their level of success and academic excellence. However, they go beyond just a student's grades and extend to their co-curricular talents. The money granted by this scholarship usually covers the tuition fees. These scholarships can be awarded by non-profit organizations, private business houses, or colleges and universities.
Each institution has its own criteria for deciding the amount of scholarship to offer. However, the scholarship committees usually examine the student's grades, standardized test scores, and extracurricular participation when awarding these scholarships. The reward amount can also depend on factors like the overall academic performance, entrance examination scores such as GMAT, TOEFL, IELTS, GRE, etc, and extracurricular participation and accomplishment. Therefore, the student's financial background plays no role in assessing merit-based scholarships.
Colleges sometimes offer merit-based aid to compete with other schools for students with unusual academic excellence or exceptional talents and potential. These scholarships are frequently, though not always, awarded on a one-time basis, unlike the need-based scholarships.
Need-Based Scholarships
These are also known as bursaries and are usually based on financial needs. These scholarships are awarded based on a student's ability to pay for the university. This enables students to pursue and complete their education despite not meeting the university's financial requirements.
Some need-based scholarships require the students to have a GPA above a certain threshold or belong to a particular category like an art student, science major, or underrepresented minority. Unlike merit-based scholarships, need-based scholarships not only require excellent academic performance but also have to meet specific financial criteria.
Since these scholarships are not made available to students with families over a certain income level, the scholarship providers assess and analyze the family's income before they grant the scholarship. They may also look at citizenship and residence status, tax statements, or employment.
How do they differ?
| Merit-Based Scholarship | Need-Based Scholarships |
Criteria | Should have a proven track record of excellence in academics or extracurricular skills. | Should be able to provide proof of financial documents stating the family's financial condition. |
Eligibility | The candidate is required to excel in academics or extracurricular activities. | The candidate is required to belong to a financially weaker section of society. |
Need-based scholarships are the most common type of aid, whereas merit-based scholarships tend to be more challenging to secure. To receive merit-based scholarships, the students must maintain a certain level of excellence in their academic and extracurricular profiles.
Merit-based scholarship opportunities are often available at smaller, private colleges and universities, whereas more prominent public universities tend to offer most of their financial support through need-based scholarships.
Scholarship Type Based on Sponsors
Private scholarships
As the name suggests, Private scholarships are funded by individual donors or privately owned businesses. These are also known as external or outside scholarships. Individual donors and private organizations set up funds for students needing financial aid. Most of these scholarships have strict eligibility criteria that the student must meet and are usually awarded on a merit or financial need basis.
Merit-Based Scholarship: Dhirubhai Ambani Scholarship by Reliance Foundation aims to sponsor 100 brightest students from across the country on undergraduate and postgraduate levels with a generous grant award.
Need-Based Scholarship: The Gates Scholarship (TGS) is awarded to outstanding minority high school seniors from low-income households. They receive the full cost of attendance that is not already covered by other financial aid and the expected family contribution that is determined through FAFSA.
University Specific Scholarship
University scholarships are granted from colleges/universities to help students fund their studies. Students do not need to apply to be considered for these since they are entrance scholarships - admission into the university directly makes you eligible for the scholarship.
Merit-Based Scholarship: Babson University offers five different options for merit-based scholarships to students who demonstrate academic excellence. These scholarships are Women's Leadership Scholarship, Presidential Scholarship, Weissman Scholarship, Dean's Scholarship, and Honors Program Scholarship.
Need-Based Scholarship: While students can ask all universities globally for financial support, many universities factor that into their decision to admit that student. For example, there are only 5 Universities across the United States that provide need-blind scholarships to international students: Harvard, Yale, Princeton, Amherst, and MIT.
Government Scholarship
Various institutes and agencies register themselves with the government for these scholarships. These agencies are then eligible to offer scholarships to students. In addition, foreign governments also offer scholarships for international students to study in their countries to promote global education.
Merit-Based Scholarship: DST A*STAR Call for Singapore-India Joint Research Grants is a scholarship program for Indian researchers within the fields of science and technology to study in Singapore, sponsored by the Indian government and A*Star Singapore.
Need-Based Scholarship: Rajiv Gandhi Scholarship for Academic Excellence aims to sponsor higher education for over 200 students annually across different fields for students who belong to financially weaker sections.
Now that the types of scholarships are in place, the next step is to research and shortlist the ones you're eligible for, prepare the required documents, and apply before the deadlines.
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