What Are The Various Types Of Scholarships?

by Anthony Soltis

Scholarships or grants are monies given to a student to defray the cost of higher education. Unlike loan programs, scholarships and grants do not ever have to be repaid.

Some of the scholarships are based on financial need, while others focus more on academic adeptness. There are many others though also which award money for almost anything you can think of, from sports to community service to being tall or left-handed.

FEDERAL GRANTS - PELL GRANT PROGRAM

The federal government awards money to qualifying students who meet certain income requirements. To apply for these, a completed income tax 1040 for the previous year must be included. This means you cannot afford to wait around for April 15th to file taxes, not in any year you plan to attend college.

STATE GRANTS / SCHOLARSHIPS

Each state in the country has its own program to help students pay for college. Qualifications and amounts vary by state, but most states have income level requirements. Again, a copy of your income tax will probably be required.

COLLEGE GRANTS / SCHOLARSHIPS

Each university has established programs to award its own students. Realize that the students chosen for these awards are people whom the college believes will be successful reflections on the institution. Therefore, colleges tend to give tuition help to students who show extra merit in some endeavor such as leadership, science, sports or the arts. The requirements and amounts can vary greatly by each school. Often a school has scholarships established by successful alumni. The school is hoping the students they now help will someday return and establish their own scholarship programs.

NATIONAL MERIT SCHOLARSHIP

More than 10,000 students last year received scholarships from the National Merit Scholarship Corporation. Certainly one of the largest scholarship competitions in the United States, the NMSC awards nearly $50 million annually.

To qualify, a high school student must take the PSAT test, also known as the National Merit Scholarship Qualifying Test (NMSQT). The way it breaks down is the corporation selects approximately 8,000 finalists to receive a National Merit Scholarship. Then, they select nearly an additional 2,000 participants to receive special scholarships sponsored by various corporations.

COMMUNITY SUPPORT

A great place to find scholarships are within your own community. Parent-teacher organizations, financial institutions, and local businesses are common sources of smaller scholarships. Also be sure to check into community clubs that are part of national organizations such as the Lions Club or Moose Club.

The other community you are either already a part of or want to be a part of is the field in which you wish to study. Make sure you look into professional associations, guilds or professional societies that members of your field belong to for possible college money.

PROFILE

Some scholarships are available to various profiles, which can vary greatly. Religious groups, nationality associations, immigration clubs, various minority groups tend to sponsor some help for college students. You can learn more about these either on-line or from a college counselor.

RESERVE OFFICER TRAINING PROGRAM (ROTC)

One scholarship that many students are eligible to receive is from the military. If you’re willing to enlist, undergo some training while in school and then later serve as a commissioned officer after graduation, all branches of the military offer tuition help. While not all colleges offer the ROTC program, state universities do and so do some private schools.

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