Scholarship & Grant Guide
Educational grants and scholarships are interchangeable terms used to describe financial assistance for college students that does not need to be repaid. There are a wide range of educational grants and scholarships available to college students today. These vary widely by type, award amount, requirements and source. Before applying for scholarships, a college student should be aware of what scholarships he is eligible for, as well as which scholarships he is likely to be considered for.
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Award Amounts
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Scholarship and grant award amounts vary widely. While some scholarships and grants award just a few hundred dollars to a recipient, others are worth thousands and sometimes tens of thousands of dollars. In general, nationally-available scholarships and grants tend to award more than than local or regional scholarships. While some scholarships and grants are awarded only once, others are renewable for up to four years as long as a student continues to meet certain eligibility requirements. Some scholarships and grants pay for the total cost of a student's schooling, and are referred to as full-tuition scholarships.
Scholarship Types
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Scholarships and grants are awarded for a variety of reasons. Need-based scholarships and grants are awarded on the basis of a student's financial need. Applicants for need-based scholarships and grants are usually required to provide proof of income such as tax returns. Merit-based scholarships are awarded on the basis of a student's merit. The most common type of merit-based scholarships and grants are academic scholarships, which are often awarded to students who have high grade point averages or standardized test scores. Other merit-based scholarships and grants may be awarded on the basis of a student's involvement with an organization or community.
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Requirements
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Different scholarships and grants often have very different criteria. Many are limited to students in a certain discipline; for example, the Society of Women Engineers awards scholarships and grants only to students who are studying to be engineers. Others are limited to students pursuing a bachelor's, master's or doctoral degree. Some are even limited to students who are in a certain year at college. Many scholarships and grants are awarded on the basis of personal attributes such as race, gender or sexual orientation.
Sources
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Sources of scholarship and grant funding are almost as diverse as the scholarships and grants themselves. Educational institutions are one of the most common sources of scholarship assistance. While some institutional scholarships are available to all students at a college or university, others are awarded by a specific department. Local, regional, national and international businesses commonly provide scholarship money to college students. State and national governments are another common source of scholarship and grant money. Professional organizations often give scholarship assistance to students who plan to enter certain professions upon graduating for college. The military also uses scholarship money, such as the ROTC program, as a recruiting device to attract potential members.
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