What is a Scholarship?

The simple definition, most people are familiar with. A scholarship is a sum of money that helps someone pay for school. Education is expensive, and a scholarship can help those attend college that otherwise would not be able to. Instead of a loan, a scholarship is given out by universities or organizations than NEVER have to be paid back.

Scholarships can come from many different entities. Most scholarships are doled out by corporations, universities, or other organizations that have some expendable money. That being said, a scholarship isn’t just “free money.” Most scholarships have certain things the receiver must follow or achieve to keep the scholarship. Scholarships could be contingenton grade point average, athletic performance, entering a career after school, or acts of service. This article will show a few examples of different types of scholarship. They are important for anyone going to college!

Merit-Based Scholarships

Merit Scholarships is money given out for doing well in school, it’s that simple. The dedicated and talented students with great ACT and GPA will be receiving these. They are extremely competitive and hard to obtain, but when you do, there are usually the largest.

Merit scholarships are given out to make sure that brilliant students get the education they deserve, regardless of economic standing. It would be terrible if students of this caliber fell through the cracks, just because they couldn’t afford school.

Merit scholarships also help the community. Wasted talent helps no one, and if we can help great minds go to school, we are investing in our future. They will then graduate and do great things, all because they were given the opportunity to. It also gives incentives for students to stay in the area, which is great for communities because they get to retain the great minds, rather than watch them leave for “better opportunities.”

Athletic Scholarships

Typically, athletic scholarships come directly from the source. They are typically given out by the university itself, to encourage a great student athlete to come to their specific school. Schools budget out funds for top athletes to help them get into school. Most schools have scholarships for every sport on campus, no matter how discrete.

Between Division I and II universities, 120,000 athletes are given over $1 billion in funds every year. These funds are so important to both schools and students. With great athletes, schools can increase revenue and have more success in sports. For athletes, it may be the only way they could ever afford higher education. Usually, it’s a win-win for both parties involved.

There are many different types of scholarships far beyond what we have covered. If you look hard enough, you should be able to find something for you! Scholarships are a great way to make it through college!