7 Types of Scholarship Funds and How to Begin Yours

Education is good but the cost can be frustrating. This includes high school students and tertiary levels. You need funds for books, books, food, tuition, and stuff you need for school.

That’s why a lot of students need to find ways to pay for it all, like getting loans or scholarships. Maybe you’re thinking about making a scholarship fund to help out.

But when you start looking into it, you’ll see there are different kinds of scholarships. It can be hard to figure out which one is the best for you to apply for either to begin as a helping hand to others or to help yourself with.

So, in this article, we’ll look at 7 types of scholarship funds and their explanations.

7 Types of Scholarship Funds

Here are 7 scholarship funds that you should consider taking up:

They are:

  • Academic scholarships
  • Athletic scholarships
  •  Scholarship Fund by Major
  • Ethnicity-based Scholarships
  • Scholarships by Major
  • Scholarships for Women
  • Needs-based scholarships

#1. Academic Scholarship Fund

Academic scholarship is the most popular scholarship fund out there. Academic scholarships are mostly merit-based.

Merit-based programs are usually offered to college students who have shown academic excellence either in high school or as an undergrad. The merits are measured by GPA. 

Sometimes, these scholarships consider SAT/ACT scores and Advanced Placement(AP) test scores. There might be an additional testing system for it.

Qualified students will then be awarded a scholarship fund that covers all their tuition[fully funded scholarships] or a part[partly funded scholarships].

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The academic scholarship requires hard work from the students to maintain the fund, such as holding a certain GPA during their academic year.

Especially, when it’s a multiyear or multi-semester scholarship. Failure to adhere may result in loss of funding.

#2. Athletic Scholarships Fund

Athletic Scholarships are a smart way to catch them young. Everyone may be smart but talent is worth promoting as athletic scholarship funds are awarded based on athletic ability. This includes the type of sport you play, skill level, and belonging to a team.

Athletic scholarships are scarce because only a handful of students usually merit them. Also, athletic scholarship requirements are strict which may include the number of years played, GPA, socioeconomic status, and sports signed on to play in school.

This type of scholarship requires that you attend specific colleges or state schools where you play a sport and be qualified for the scholarship.

For instance: a short-put thrower will be awarded a scholarship to certain schools so that they will throw short-put for that school.

#3. Government Scholarships

Government scholarships are more like a need-based scholarship fund. They’re awarded based on your financial situation.

This type of scholarship fund is common and a greater number of students benefit from it.

Students who are already benefiting from the government in either(for instance) welfare, EBT/Snap, or military benefits, can be eligible to receive government scholarships for education.

Here are the types of government scholarships which you can apply:

  • Federal Pell Grants.
  • State/provincial grants.
  • State/provincial/territorial tuition assistance.
  • National/service organization scholarships.
  • Military or veteran educational grants.

Depending on your country of origin, there may be lots more and you’re free to apply in as many as possible.

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#4. Scholarship Fund by Major

There are scholarship funds for persons studying specific courses, these are called major-based scholarships.

Some disciplines that regularly get major-based funding are those in science, technology, engineering, and mathematics (STEM).

Agreeably, STEM is the most popular scholarship out there yet some organizations offer major-based scholarship funds in the following fields of study:

  • Language majors,
  • Business/entrepreneurship courses,
  • Health sciences,
  • Arts degrees, and
  • Social work.

#5. Ethnicity-based Scholarships

This is a scholarship fund based on a student’s ethnicity. It’s not personal. 

Many organizations in the US award scholarships to African students only.

Some scholarships are awarded to African American, Hispanic, Asian American, or Native American descent.

This type of scholarship is a result of the socioeconomic needs of the student. Getting this type of scholarship demands that you provide proof of residency and country of nationality.

#6. Scholarships for Women

Women Scholarship fund is awarded to women and female-identifying persons– it depends, some programs don’t accept female-identifying individuals.

This type of scholarship is set up to encourage the number of women in secondary education. There are various  scholarship funds for women such as:

  • Intended field of study,
  • Socioeconomic need,
  • Extracurricular activities, and
  • Academic achievements/other merits.

And the nature of funds can be full coverage or partial tuition. It depends on the sponsor.

#7. Needs-based Scholarships

You might have an idea already about need-based scholarship from a previous explanation. Need-based scholarship is a type of scholarship fund that focuses on helping the financial constraints of students.

The major focus is financial needs, nothing else; really.

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The need-based scholarship is classified into 2 types – restricted scholarship and unrestricted scholarship funds.

Restricted Scholarship funds are paid directly to the school of the program because they cover only fees and tuition.

On the other hand, unrestricted funds are given to the student for tuition, books, housing, and living expenses plus other education-related expenses.

Regardless of whether you’re awarded restricted or unrestricted need-based funds, you’ll have to be attending a secondary education institution.

FAQs

#1. What type of scholarship is the best?

The best form of scholarship to go for is the merit-based scholarship. In Merit merit-based scholarship, you’re awarded based on your academic excellence and achievements. Also, merit-based scholarships are usually full tuition.

#2. What are some fully funded academic scholarships?

Here are some 5 fully funded scholarships:

  • Fulbright Scholarship Program.
  • Excelsior Scholarship.
  • The Coca-Cola Scholarship.
  • National Merit Scholarship.
  • Hispanic Scholarship Fund.

Conclusion

People waking up to see the importance of education are willing to pursue it to the apex. However, a passion for education with shallow pockets is mere wishing.

Never say die because there are hundreds of scholarship fund opportunities for us there where you can enroll and make your dream of schooling on Scholarship funds abroad a reality.

If you’re up there and sympathetic, you can begin any of the scholarship funding types and help incapacitated students in your environment.