With the skyrocketing costs of a college education, scholarships have long been an important resource for students striving to better themselves through higher learning. The field is dominated by two primary types of scholarships — merit-based and need-based awards. The variation between these scholarship categorizations and how to juggle both can make a big difference in what one expects, financially speaking for college. In this article, we discuss the main features of merit-based and need-based scholarships to provide advice for students who are trying to make sense of college funding.

Merit-Based Scholarships: Rewarding Excellence

One student was able to get into the same college with only a 75% scholarship, while another got in for free based on his substantial academic or athletic talent. These scholarships will attract students who may not have considered our campus and those who recognize the outstanding achievements of students independent of need. Merit-based scholarships typically have the following qualities:

Academic Focus: There are merit scholarships available that have a significant academic focus (as measured by GPA, standardized test scores [ACT and SAT], or class rank).

Extracurricular Accomplishments — There are merit awards that reward high performance in athletics, the arts, community service, or leadership positions.

Mandatory Grants: In most cases, merit scholarships are evaluated based on select criteria and go through competitive processes because schools or sponsors want only the best candidates.

Renewable Opportunities: A lot of merit scholarships can be renewable as long as you continue to achieve a certain level academically while in college.

Need-Based Scholarships: Addressing Financial Barriers

Another type of scholarship is need-based, and awarded based primarily on a student’s financial situation. These are scholarships designed to make higher education more affordable, especially for those who might have difficulty going off to college. Common elements of need-based grants are:

Financial Test: Most need-based grants require students to prove they are in financial want via one of the types and normally use a process known as FAFSA or CSS Profile.

What are the sources of need-based aid? Offered by Various Sources Federal and state governments Colleges/universities Private organizations.

Need-based Holistic: While financial need is the most important part, some of these scholarships are also merit and other things as well.

Adjustments: If the family’s financial situation changes, any need-based aid will be adjusted annually.

Balancing Merit and Need: Strategies for Success

Thanks to this two-pronged approach, a lot of students can find the best way for them to use both need-based and merit-based scholarships. Just take a look through them and find ways to better balance these opportunities for the stronger game.

Apply both Types: All in all, double dipping is a good thing when it comes to college scholarships; cast an extensive net. Whether you believe your family will qualify for need-based aid (or not), apply anyway

Appreciate volatility: Keep in mind that being awarded a large merit-based scholarship might impact your qualification for need-based aid. For instance, a given number of institutions (we do not know which ones), including Gallaudet in 2017-18 and Grinnell this year — practice so-called scholarship displacement that reduces the amount of need-based aid offered by an institution when it awards merit scholarships.

Properly Select Applications: Decide which Scholarship best suits your strength and situation. Work-Based -If you excel in academics, make sure to reach for merit-based options. If you care most about financial needs, make sure to fill out any required forms for consideration based on that.

Academic excellence matters: Even if you are mainly looking for need-based financial aid, good academic performance can give rise to further merit-based chances.

Keep Your College’s Financial Aid Offices In The Loop: If there are changes in your financial situation, or you receive external scholarships, communicate this with your college’s financial aid office. They can explain to you how the various awards work together and potentially revise your package.

Think Long-Term: When you are weighing two different colleges, do not just look at the first-year aid package; also think about how likely you will be able to keep that scholarship for your entire tenure in college.

What Students Should Know

Here are a few important items to consider as you traverse the wild and wonderful world of scholarships.

Get an Early Start: You’d better start researching and applying for scholarships long before your college application deadlines. Merit scholarships Many scholarship programs have early offer deadlines.

Fine Print: Be sure to read the fine print of each scholarship, which outlines renewal criteria and any additional requirements (for example a required GPA or programs you must be involved in)

Appearance not just to the college: Even though institutional scholarships are crucial, don’t neglect outside-of-the-scholarships from network organizations, businesses, and foundations.

Get ready with the FAFSA: The FAFSA is essentially for need-based aid and a lot of scholarship apps also require it. Get it filed sooner every year.

Illustrate Your Individual Experience: If seeking a merit-based award, demonstrate what makes you different. Even something such as academic successes, leadership roles within community service, or your church/temple/etc.

Be True to Yourself: Yes, we think you’re all that and a bag of chips but go after some scholarships where your conviction is well-founded as well.

Think the entire financial aid package: When comparing college choices, do not focus solely on specific scholarships. A school that offers a merit scholarship good for less overall might give you more total aid through grants and need-based assistance combined.

Conclusion

Securing College Scholarships: 5 Tips for Success Navigating the world of college scholarships requires a mix of diligence and strategy, as well as an understanding of merit-based vs. need-blind opportunities A more comprehensive effort and knowledge about subtle differences between aid types can put students in a stronger position to get the financial support they need for hitting their educational benchmarks. Don’t forget, scholarship applications are a great way to get assistance with paying for your education and can lead to scholarships that will help keep you out of student loan negatives or getting denied from going back to school because it was too expensive.