Need-Based vs Merit-Based Scholarships: All You Need to Know

Studying abroad isn’t as expensive as is assumed. However, finance still remains a key challenge for many aspirants who can’t self-afford the tuition. So, they naturally look at the scholarships.

Fortunately, if you have a good academic track record and a solid profile, you will discover many fitting financial aids that you can apply for. Yes, getting scholarships owing to high competition isn’t as easy. This is where having a clear understanding of different types of scholarships and how to apply for them becomes critically important.

Broadly put, there are two types of scholarships: Need-based and merit-based.

What is a Need-Based Scholarship?

A need-based scholarship is a type of financial aid that’s awarded to students that come from low-income backgrounds. If they don’t have the financial support to afford higher education, they are qualified for this scholarship. Now different institutes or organizations use different parameters or scales to determine one’s financial capability; they have different thresholds aka criteria in terms of a student’s family income.

In short, if you don’t have money to study in a university, you’re qualified for a need-based scholarship; you “need” this scholarship to pursue your further studies.

What is a Merit-Based Scholarship?

A merit-based scholarship is a type of financial aid that’s awarded to students based on their academic, athletic, or other metrics. The scholarship doesn’t care about your needs but rather focuses on you “deserving” the aid. So, for instance, if you’re really good at football, many universities would offer you financial support so that you study there, add value to their team, and grow as a player. Similarly, if you have an excellent academic background or are exceptional in a certain area or in a certain way, the university or awarding organization may deem you fit for a merit-based scholarship.

Eligibility and Criteria for Scholarships

The criteria for both these scholarships vary. Moreover, the terms of eligibility may vary as well depending on who is offering the scholarship. For example, an IT company offering scholarships may have a separate list of criteria as opposed to aid offered by the university.

In general, however, as the first line of fulfillment, the criteria for both the scholarships are hidden in their name. For a need-based scholarship, you shouldn’t ideally have the financial capabilities to pay your tuition; your family’s income should be low. For merit-based scholarship, you should have proven achievements that validate you deserve the aid; meaning, you should have athletic, academic, or artistic achievements.

Aside from this, the better your profile is, the higher the chances of you getting the scholarship. Remember, there are many other students who are applying for the aid as well. You need to edge them with good scores and demonstrated achievements to truly stand out and appeal to the committee who is granting the scholarship.

So, whichever scholarship you’re applying for, carefully read their criteria and check your eligibility. Are you qualified?

To know more about scholarships and studying abroad, get in touch with the experts at Frame Learning. We can help you find the right scholarship and successfully apply for it.