Many scholarship opportunities are available throughout the country. In fact, thousands of scholarship dollars go unclaimed each year becausee students are not aware that they exist. It is most important to know what is available in the state and city of your choosen college or you live in, because what's available in one state or city may not be available in another. Also, be knowledgeable about the various sources of financial aid available throughout the United States. Good research, as well as attentive ears and eyes, will be crucial to winning scholarships. Numberous opportunities are waiting for you, but it's your job to discover them. First you need to get familar with some common terms and facts to make your search easier and so that you will understand the difference and not get disappointed later. The more educated you are on the terms, the processes and the more reputable companies; the easier your search will become and the less likely you will encounter scholarship fraud.
A scholarship is money given to a student that does not have to be repaid. Scholarships are given for a variety of reasons: academic achievement, leadership potential, community involvement, financial need, hobbies, affiliations, personal characteristics, and special talents, Scholarships that are not based on financial need are usually called merit-based or non-need scholarships. Some scholarships may require a service commitment such as those funded by the military and some government agencies.
A grant is also financial aid that does not have to be repaid. The most popular grants issued are federal and include the Pell Grant and the Supplemental Educational Opportunity Grant, both of which are awarded by the federal government and issued through academic institutions. Most government grants are based primarily on need. However, many grants are awarded for other reasons
An award is also financial aid that does not have to be repaid. Awards and/or prizes are sometimes given to you in exchange for your winning some type of contest or competition.
A loan is the only form of financial aid that you must repay, although some scholarships or grants as previously discussed may require you to work for a few years after you graduated as a type of repayment.
A fellowship is designed to support individual who want to obtain a graduate or doctoral degree. The fellowship may include a tuition waiver or payment of tuition and fees. The fellowship may also provide a housing allowance and include a personal expense stipend.
It is recommended that you become familiar with these terms because there will be times that you will think that you are reading about a scholarship which may turn out to be some type of loan disguised as a scholarship. Always ask and get clarification as to what you are applying for before you apply for it and be clear if you are required to pay all or some of it back in some form or fashion. |
