Unquestionably, the majority of students seeking higher education tend to have a strong desire to travel abroad to contribute to their goals. Naturally, studying abroad may be an expensive experience.
Securing a merit-based scholarship can significantly alleviate the financial burden, opening doors for ambitious students to fulfill their dreams of studying abroad without compromising their aspirations. Many people who want to pursue higher education abroad give up in the middle because they can’t afford it or don’t think the risk would be worthwhile in the long run. Other times, international colleges’ hefty processing fees make students hesitant to proceed with their application process.
Who would want to travel without adequate preparation, after all?
Good academic profile students generally do not apply to overseas colleges because they are not aware of scholarships available in the field of education. For the benefit of students, the education industry has a wealth of information on scholarships and grants that needs to be clarified and properly conveyed to them.
In general, need-based and merit-based scholarships are the two primary categories of well-liked domestically and abroad. Let’s study them in more detail.
Merit-based scholarships, as the name implies, are given to candidates with outstanding extracurricular or academic records. The candidates’ overall academic record, which includes their performance on popular entry exams like the GMAT, TOEFL, IELTS, and GRE, as well as their performance in extracurricular activities and sports, will determine how much of a prize they receive.
Talents in music, art, or athletics are also awarded scholarships based on merit, to mention a few. For advantages such as these, applicants must contact each school directly. If an applicant believes they have what it takes to be considered for a non-academic merit scholarship, they may need to speak with their department head or coach after contacting admissions authorities.
Need-based scholarships, as the name implies, are given to applicants from financially disadvantaged groups. These scholarships are given to deserving students who are unable to meet the financial requirements but still want to finish their studies.
Grants are the main kind of need-based financial aid that is given to students, and it should be the objective of each applicant to maximize this type of aid before looking for other forms of support or giving up.
The following table represents the key components as well as the difference between merit and need-based scholarships.
| Basics | Merit-Based Scholarships | Need-Based Scholarships |
| Criteria | A proven track record of excellence in academics or extracurricular skills is required. | Should be able to provide proof of financial documents which states the financial condition of the family. |
| Eligibility | The candidate is required to excel in academics or extracurricular activities. | The candidate should belong to the financially weaker section of society. |
| Popularity | Both scholarships are equally popular among their target aspirants. To receive the aid, the funding committee has pre-determined some guidelines. These are available for application without biases. | |
| Basics | Merit-Based Scholarships | Need-Based Scholarships |
| Criteria | A proven track record of excellence in academics or extracurricular skills is required. | Should be able to provide proof of financial documents which states the financial condition of the family. |
| Eligibility | The candidate is required to excel in academics or extracurricular activities. | The candidate should belong to the financially weaker section of society. |
| Popularity | Both scholarships are equally popular among their target aspirants. To receive the aid, the funding committee has pre-determined some guidelines. These are available for application without biases. | |
- To avoid any last-minute bother, candidates who are seeking financial aid should apply well in advance of the deadline. Candidates should therefore carefully consider deadlines, as institutions often demand applications to be submitted well in advance of the regular admissions period.
- Applicants for scholarships would undoubtedly have to pass a demanding admissions process, as any university offering them the chance to study for free would only wish to accept the finest.
- To be eligible for financial aid, students must be well-prepared to take additional exams or submit supporting documentation. Candidates should make sure all of their paperwork is in order and show that they are prepared to go through any further steps that may be necessary.
- The idea that scholarships are extremely scarce or only available to a chosen few has been disproven. Whether need- or merit-based, scholarships are widely offered by most Indian and international educational institutions. Scholarships are awarded by the nation of origin, via educational institutions, private foundations, and associations.
Consult your school counselor first, then look up scholarship opportunities online. Look through the many alternatives. it will take some time, therefore be patient. Select scholarships that fit your needs and for which you meet the requirements. Applying for scholarships can be difficult and time-consuming, so initially limit your application to no more than five. If you have more time, you can do more.
To select the best kind of scholarship for you, you need first to evaluate your need for finances.
If your family is worried about paying for college, it could be a good idea to concentrate on need-based scholarships.
Merit-based scholarships can be a better option if money is not as much of a concern. However, to increase your chances of getting funding, you could apply for both kinds of scholarships.
Also, if your top pick school offers less financial help than other schools that granted admission, it will be worthwhile for you to contact the financial aid office. You can get professional help at every stage of the college admissions process, including financial aid leveraging.
To help students reach their fullest potential, Teachwell helps them identify their capabilities and makes them understand where they should be regardless of where they reside in the world.
Teachwell has experts to assist in listing down your skills, leveraging suitable scholarship programs, guidance in preparing the documents required for applications, and much more. We can act as an invaluable asset for you to unlock several educational paths that lie ahead of you.
To finance your higher education, you must be aware of the important distinctions between need-based and merit-based scholarship’s aid eligibility. Even though they both provide priceless financing, the award selection procedures provide different weights to need and merit.
Knowing the direction that most accurately captures your situation enables you to appropriately tailor application materials toward the intended choice. Ultimately, the path to deliberately pursuing scholarships begins with a critical self-evaluation of where you stand.
Take full advantage of the advice by stressing your experience, people skills, development, and sincere excitement to show the recruiters that you can excel in a well-funded study abroad program.
To maximize the effectiveness of your preparation, enroll in Teachwell.
You’re capable, we know it! And we’ll make sure you get the help you need to reach your goals. Wishing you luck!
Q1. Is it difficult to secure a merit-based scholarship?
A: Merit-based scholarships entirely focus on the merit of the students. Hence, candidates sometimes find it difficult to secure merit-based scholarships. One should have an exceptional academic and extra-curricular track record.
Q2. What is the procedure to apply for a need-based scholarship?
A: The scholarships are offered on a first-come first-serve basis. Hence, aspirants may apply early through the free application form available on the official website.