The formal education system consists of five years of primary schooling, followed by three years of middle school and two years of high school in India. After the completion of high school, students can pursue higher education at a university or college.
For primary education, parents can expect to spend about INR 5.50 lakh. The average yearly fee for middle school is around Rs 1.6 lakh – 1.8 lakh, and the overall expenditure here is around INR 9.5 lakh. Grade 11 onwards, many schools expect parents to pay separately for books, which is about INR 4,000-7,000 per year.
The middle-income group in India is defined as households with an annual income between INR 7.5 lakh and INR 15 lakh, while the middle class is defined as households with an annual income between INR 6 lakh and INR 18 lakh. Hence, a lot of kids miss out on completing their education while some drop out of school itself.
Today we will discuss a boon for kids who have the potential but do not have the resources. And that is a scholarship. We will look into the details of not all scholarship lists but a few for sure. It is a form of financial aid awarded to students for further education. Based on a set of criteria, generally scholarships are awarded based on criteria such as academic merit, athletic skill, diversity and inclusion, and financial need.
So, one may ask, how does a scholarship actually work and what does it mean to have a scholarship? Well, a scholarship is a financial aid given to a student, usually based on certain criteria, primarily academic merit. They can be based on several eligibility criteria such as needs, country or region of origin, gender, and field of study, race, and much more. The money received through a scholarship does not have to be paid back as it is not a loan.
A scholarship is basically a financial support given to a student, based on their academic achievement or basis of other criteria that may also include financial need, for the sole purpose of education. To consider all scholarship list is not possible but there are various types of scholarships available for students, but the two most common are merit-based and need-based.
So, how do students get scholarships? Scholarships are usually awarded based on extra-curricular or academic merit. An application is needed which clearly outlines why the individual should get the scholarship. They take the financial requirements into consideration for grants, to assess merits, and to provide financial support.
The benefits of a scholarship are many, but it sure helps in empowering academic and career goals by removing the financial barrier. Receiving a scholarship takes away a student’s financial burdens. Thus, it gives more time to study stress-free and gain knowledge and secure better grades. Among all types of scholarship for students, the most common type of scholarship funds is academic scholarships. Students’ funds often include the academic scholarship as one of the most common types of scholarship for students. These scholarships are often merit-based.
So, one may wonder if it is difficult to get a scholarship. Although a good profile is essential while applying for a scholarship, test scores like GRE, SAT, or GMAT also increase your chances of getting a scholarship. However, scholarship committees only grant scholarships to 13% of the total students with those profiles. The amount of money awarded for these scholarships is limited.
Types of Scholarship
Now that we know so much about what a scholarship is and how it is granted, let us go through these different types of scholarships one at a time. The below mentioned is not an all-encompassing scholarship list but just a few:
- Merit-Based Scholarships:
- Need-Based Scholarships:
- Athletics-based Scholarships:
- Identity-based Scholarships:
- Government Scholarships:
- Activity-based Scholarships:
- Funding for Out-of-State Students:
- Scholarship for Students Interested in Music:
A merit-based scholarship is an award given to high-performing students. It is based entirely on a student’s merit in either academics, sports, leadership activity, community service, artistic, or other special interests, rather than a student’s need for financial aid.
Need-based scholarships are the financial aids that are provided to students who are facing financial constraints or difficulties. Basically, the need-based scholarship aims to support students with weak financial backgrounds. Students who cannot afford to meet the high tuition fees and living expenses in foreign countries are also considered for the need-based scholarship.
It is a form of scholarship to attend a college or university or even a private high school, for that matter. The athletic scholarship is awarded to an individual based predominantly on their ability to play a specific sport.
There are several such scholarships that exist to support a student with a specific social identity or a specific personal background to study in another country. These identities may include but are not limited to: Actively Serving, Student Veteran, Military-affiliated Students.
These are meant to provide benefits to students coming from different backgrounds. The government scholarships are provided based on the national and state levels.
Hobbies and interests are also a way to qualify for many scholarships for college. Scholarships for a hobby that can lead to livelihood, that a student has interest in, or is an extracurricular activity. Such activity-based scholarships are available from a variety of sources.
Typically, the state provides aid to residents who plan on attending an in-state institution, but out-of-state students may be eligible for some state-based financial aid. Typically, filling out the FAFSA is all a student needs to do to apply; however, certain states and scholarships may require extra paperwork.
The Ministry of Culture grants scholarships to young artists in different cultural and creative fields. This scholarship aims to provide each applicable scholar with INR 5000 per month for a period of two years. This money can be used to cover a student’s living expenses or other necessities.
So, people often ask what a music scholarship is. Well, music scholarships are financial awards provided to students who demonstrate exceptional musical talent or have exceptional potential in music. Universities and private organizations often offer these scholarships to help students pay for the costs of their education. So, those were not all scholarship lists but a few.
Also Read: How Parent Engagement Leads to Student Success
At EuroSchool, we prepare our students for the future and for fortune. We ensure students are well aware of the options, and if need be, we put in extra efforts to help students prepare for scholarship tests such as the NMSQT/PSAT. The Preliminary SAT/National Merit Scholarship Qualifying Test (PSAT/NMSQT TEST) is a program cosponsored by the College Board and National Merit Scholarship Corporation (NMSC). It is a standardized test that provides first hand scholarship programs and gains access to college and career planning tools.
