Types of Scholarships and Grants

• There are several basic types of scholarships and grants for college students. Basic scholarships usually provide money that does not need to be repaid. Although the term "scholarship" is used loosely, scholarships typically have fewer stipulations associated with them than other forms of educational grants; many scholarships are available to students regardless of what school they plan to attend, or what subject they plan to pursue. Assistantships, another form of educational grant, are usually given to graduate students in return for teaching entry-level classes. Fellowships are grants given to graduate students who plan to pursue a specific area of study at a specific institution, and usually include cost-of-living stipends in addition to tuition payments.
  
  

Requirements

• Most scholarships and fellowships are given to students who can meet certain minimum requirements. The most common requirement is academic; the majority of scholarships are limited to students who can demonstrate a certain level of academic ability by submitting standardized test scores, transcripts, or grade point averages. Another common criterion is financial need. Many scholarships are given only to students who can prove that they need assistance, often by providing pay stubs or tax returns. Some scholarships also require students to demonstrate specific abilities, such as scholarships awarded on the basis of an essay or art contest.
  
  

Scholarships for Specific Students

• Many scholarships are earmarked for certain groups of students. For instance, scholarships may be limited to students pursuing a degree at a particular institution, to students who are pursuing a degree in a specific area of study, or to students who are in a certain year of undergraduate or undergraduate study. Scholarships may also be limited to students who are residents of a certain state, county, or town. Some scholarships are designed for students of a specific race, gender, or sexual orientation. Scholarships may also be limited to other groups of students, such as student athletes, or students with disabilities.
  
  

Funding Sources

• Funding for scholarships for college come from a variety of public and private sources. Some are funded by educational institutions themselves. Many local and nationwide businesses also give back to the community by offering scholarships to students at the local or national level. National professional organizations, such as the Society for Women Engineers, offer scholarships to students pursuing specific areas of study. Other organizations, such as the Hispanic Scholarship Fund, exist specifically to assist students of that ethnicity. Many community organizations also offer scholarships through various local chapters. Federal and state governments are another common source of scholarship money for many students.