Types of College Scholarships

A scholarship is a kind of award of access to an institution, or a financial aid for a student to complete his or her further education. There are various criteria while awarding college scholarships to the students, which reflects the purpose and value of the donor. Awards can be classified into various categories like Merit, Need-based, financial aid, institutional, and general.

Merit based college awards are usually for those students who excel in athletic or academic capabilities. The monetary value of these scholarships may be zero, but it provides a great boost to student's self confidence and self esteem. Merit based college scholarship might not help the student financially but it provides students with a kind of recognition that can help them get other kinds of scholarships. Need-based college or university scholarships are for those students who would like to have financial help to cover their tuition fees as well as living costs, and come from families that suffer financial crisis. Other financial aid college scholarships tend to consider applicants based on race and religion. Institutional scholarships are provided by a particular institution or university to a student planning to attend that institution.

Some such scholarships have a bond requirement where the student has to work for a particular employer for a specified period of time, or repay the value of financial support they have received through such college scholarships. Apart from colleges and universities, many non-profit organizations and charitable trust also provide college scholarships to the students based on various criteria specified by the donors or the funding organization.

Many colleges and universities have guidance counselors that guide students on how to apply for the right type of scholarships, as per their situation and academic courses. Community foundations, labor union organizations and other volunteer organizations also provide students with college scholarships to help them complete their further studies.