Merit-based Scholarship vs. Need-based Scholarship

Education is a fundamental human right, but not everyone can afford to receive a high-quality education. Scholarships facilitate study abroad opportunities. Various need- and merit-based scholarships are offered. Sponsors, governments, and private groups have developed a number of programs to assist these students in order to provide equitable chances for all. With the support of these scholarships, they can attend the world's most esteemed universities. Frequently, merit-based, need-based, fully-funded, and other funding sources are used to provide scholarships. Worldwide, about 80 percent of students are awarded some kind of scholarship. Reaching the requirements is attractive to students because of the perks connected with scholarship funds. According to their educational plans, each of these scholarships pays for a certain set of academic expenses. The explanation of the distinctions between the following is thorough.

Below is a comprehensive explanation of the distinctions between based on need and merit-based scholarships.

1. Scholarship based on merit

Merit-based aid, as its name implies, is a category of scholarships awarded to qualifying students. These merit-based scholarships for overseas students sometimes include requirements related to a particular degree of academic proficiency, percentage, and extracurricular accomplishments. The candidate's eligibility is also determined by a number of test results, language proficiency exams, and personal statements. The committee selects the chosen applicants via a demanding testing procedure. The regulations and requirements for qualification for merit-based scholarships vary throughout scholarship organizations.

Merit-based Scholarship vs. Need-based Scholarship, fully funded scholarships in 2024- 2025, types of scholarships, scholarship types

Example of LAFD merit based scholarship
Source; Flicker

These are a few samples of scholarship programs that are merit-based.

A. Scholarly Awards

Students with strong academic backgrounds are given this financial assistance. The recipients of this grant will be the students who have kept their GPA or CGPA stable. In addition, in order to assess eligibility, the college or institute could request a college exam.

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B. scholarships for athletics

The recipients of these scholarships are students with strong athletic builds. The applicant needs to play sports and have excellent on-field abilities. Your ability to get a paid tuition price will be determined by your sportsmanship. Sports should be taken advantage of because they generate income for the college through various tournaments. Pupils with exceptional abilities may receive compensation. Additionally, a specific portion of your scholastic score is reserved for these pupils. To be eligible for this award, they must continue with their academics and athletics.

C. Talent Award

This prize is awarded to students who succeed in extracurricular pursuits. In addition to excelling in their non-academic abilities, they should maintain a specific academic grade. They will be able to pursue their education and vocation in this way.

2. Scholarship based on need

Scholarships of this kind are given out according to your needs and financial situation. This award is open to students who are not able to pay for their education. In order to meet their demands, students take use of a financial help package. The aid package is examined by the admission committee, which creates an expected parental contribution and student aid index. To create an appropriate aid package, your family's financial statements must be submitted. Some of the programs that offer financial aid are listed below:

A. Grants

To help worthy individuals finish their education, numerous grant programs are available. Study grants are provided to students by numerous private organizations. Students who are unable to pay their tuition costs, for instance, may apply for the Pell Grant. Repayment of these grants is not required.

B. Loans

There is always the option of taking out a student loan if they are not eligible for any kind of scholarship due to financial need or merit. You may be offered a loan package or desired loan program by the college, which you can accept. Loans must be repaid at the given time. As a result, you are able to pursue school, but you will be required to pay back the loan balance.

C. Government initiatives

Federal scholarship programs provide a variety of aid initiatives. Need-based help, which exempts tuition under federal study programs, is provided by the state government. To help with the costs, approximately 4,000 USD are given annually.

Alternative Scholarship Categories

Other requirements provide scholarships to students to help with their educational costs. Students from different cultural and ethnic origins are given these scholarships in recognition of their individual backgrounds. Among the scholarships offered are:

scholarships for students of color

Scholarships for families of service members

Unusual student scholarships

grants for students with disabilities.

In conclusion

For students in various academic fields and at various academic levels, there are various kinds of scholarships available. Need- and merit-based awards are the two types of scholarships which are most regularly given out. Interested parties can apply for the appropriate program after verifying their eligibility requirements.