The best shot a student has of arranging funds for this is either through student loans or applying for scholarships. However, it is no child’s play to get a scholarship. Be it being eligible for a certain scholarship or choosing the right category, achieving a scholarship from an institution is a strenuous and rigorous process. Before we move forward to have a brief idea about the chances of getting a scholarship, let’s have a look at the types of academic scholarships available for any programme:
These scholarships are awarded by universities on certain criteria ranging from excellence in academics, athletics, to community and social services. These are specific to a certain college such as Colorado Mesa University's Presidential Scholarship is awarded by Colorado Mesa University. Even if you have an average academic record, but have been active in other activities such as sports, social services, etc, you can be eligible for such scholarships. To know about the criteria and requirements for this type of scholarship you can check that particular university’s website and apply accordingly.
Some universities select scholarship aspirants on their own. Their applications are selected by default if their profile comes out to be above 50% of the class medium. However, these chances are very rare and depend upon university to university. Generally, to be eligible for this type of scholarship, the student would need to apply before a set deadline which is different than the normal applications’ deadline.
As is evident by the title itself, need-based scholarships are awarded to students who are in dire need of financing to complete their education. Considering their previous academic performance, aspiration and future career goals of students, participation in other activities and passion towards the chosen course, the university/ college award these scholarships judiciously. This type of scholarship is awarded by both private agencies, colleges, and as well as the government.
There are a few scholarships programme or student exchange programmes by the Government of any country. For instance, in India, Government of India awards scholarships for study abroad that covers almost all study related expenses of a student such as travel, accommodations, tuition fee, library fee and so on. Also, Education Exchange Programs (EEPs) are available for students interested in spending six months to one year studying abroad. While it does not exactly cover the expenses of a complete course, yet, the student is offered at least a semester or a year of study in a foreign institution.
While it is no cakewalk to bag a private institution’s scholarship award, yet there are certain firms who help financially-weak students to achieve their dreams of studying abroad. A most famous example is the Tata Scholarship awarded by the Tata Education and Development Trust of Tata Group.
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All the above-mentioned scholarship programmes are not only tough to get into but also, they are limited in number. Hence, the competition is also quite high. It is a fact that very few students are able to receive these scholarships to cover all their study-related expenses. According to a recent report by
National Postsecondary Student Aid Study, only one out of 10 undergraduate aspirants is able to bag a scholarship for a bachelor’s degree. Even with a GPA of 3.5-4.0, only 19% of students are able to qualify for receiving scholarships given by the colleges. Furthermore, there is only a 0.7% chance of achieving an athletic scholarship from college/ university. 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. Yet, only 13% of total students with such profiles are able to bag a scholarship.
Apart from this, there are certain factors that affect the availability of scholarships. After a deep analysis of these factors, one can determine the best time and way to apply for a scholarship. According to a study conducted by the nerdwallet.com, the following factors have come into light after an in-depth analysis of more than 5000 scholarships achieved by students in the year 2017
