{"id":7089,"date":"2020-07-08T14:43:50","date_gmt":"2020-07-08T09:13:50","guid":{"rendered":"https:\/\/www.univariety.com\/blog\/?p=7089"},"modified":"2020-11-12T11:46:09","modified_gmt":"2020-11-12T06:16:09","slug":"everything-you-must-know-about-scholarships-students-and-how-to-secure-one","status":"publish","type":"post","link":"https:\/\/www.univariety.com\/blog\/everything-you-must-know-about-scholarships-students-and-how-to-secure-one\/","title":{"rendered":"Everything You MUST Know About Scholarships [And How To Secure One]"},"content":{"rendered":"

The cost of good education is increasing eight times faster than an average household income. Such a steep increase in fees in both public and private sector colleges is making SCHOLARSHIPS the need of the hour. How much do you know about scholarships?<\/span><\/p>\n

Let\u2019s take a look at the cost of education in the World\u2019s Biggest Higher Education System – The United States of America.<\/span><\/p>\n

\"Increasing<\/p>\n

In the public education sector, <\/span>Indian Institute of Mass Communication (IIMC) increased its fees by a 100% in the past decade. Satyajit Ray Film & Television Institute (SRFTI) increased its fees from Rs 70,000 to Rs 1.4 lakh in the span of last 3-4 years. The IITs and National Institutes of Technology (NITs) first raised their fees from Rs. 50,000 to Rs. 90,000 per year in 2013 and then the IITs hiked it further to Rs. 2 lakh just three years later.\u00a0<\/span><\/span><\/p>\n

Engineering education in India in some premier institutes costs Rs 10 lakh and medical education costs Rs 25 lakh in private colleges. <\/span>If you want your child to study in a <\/span>top private university<\/b> – US, UK, Canada or India, here is how much it is going to cost you:<\/span><\/span><\/p>\n

The United States of America:
\n<\/b>Average fees per year: $45,000- $50,000. <\/span>A three year Bachelor’s degree will cost close to $150,000 (Rs <\/span>1.2 crores approximately)<\/span><\/span><\/p>\n

The United Kingdom:
\n<\/b>Average fees per year: \u00a312,000 – \u00a315,000. <\/span>A three year Bachelor’s degree will cost close to \u00a345,000 (Rs <\/span>42 lakhs approximately)<\/span><\/span><\/p>\n

Canada:
\n<\/b>Average fees per year:<\/span> $20,000 – $25,000. <\/span>A three year Bachelor’s degree will cost close to $75,000 (Rs <\/span>56 lakhs approximately)<\/span><\/span><\/p>\n

India:
\n<\/b>Average fees per year: Rs 4 lakh – Rs 5 lakh. <\/span>A three year Bachelor’s degree will cost close to Rs 15 lakh<\/span><\/span><\/p>\n

Now that you are aware of the costs involved, here are some things to know about scholarships:<\/span><\/p>\n

What Is A Scholarship?<\/strong><\/span><\/h3>\n

A scholarship is financial aid awarded to a student to pay for an undergraduate degree. A scholarship is awarded on various criteria.\u00a0<\/span><\/p>\n

A scholarship is paid in different ways. A few colleges offer a one-time cheque and other colleges provide money for students each semester or school year. These awards differ from student loans and don\u2019t have to be repaid.<\/span><\/p>\n

What Are The Different Types Of Scholarships?<\/b><\/span><\/h3>\n

Need-Based Scholarships: <\/b>As a name suggests, a need-based scholarship is granted to students who require financial assistance to continue their education. This scholarship does not choose students on any other factor except for their financial status and household income. Factors such as test scores or athletic ability have no bearing on Need-Based Scholarships.<\/span><\/span><\/p>\n

\"NeedMerit-Based Scholarships: <\/b>Merit based scholarships are awarded to students who have immense potential and show promising results. Financial situation of the student is not taken into consideration while granting these scholarships.\u00a0<\/span><\/span><\/p>\n

Merit in this case could be in any field. High academic scores, great test results, advanced athletic performance, an ace in extracurricular activities or a receiver of famous awards & accolades. All of these qualify as merit in merit-based scholarships.\u00a0<\/span><\/p>\n

Merit-cum-Need Based Scholarships: <\/b>Merit-cum-Need Based Scholarships have two eligibility criteria. One is that the students should have a certain academic score and their annual family income should be below a certain amount.\u00a0<\/span><\/span><\/p>\n

The academic score and family income that\u2019s required to avail the scholarship changes from college to college. If it is a Public College, then it depends on the guidelines laid down by the State.<\/span><\/p>\n

Know More About Merit-Based Scholarships<\/b><\/span><\/h3>\n

Ivy League colleges, Russell Group colleges or top private colleges anywhere around the world cost a fortune. That\u2019s where Merit-Based scholarships come to your rescue.<\/span><\/p>\n

\"Merit-Based<\/p>\n

Let us start off by saying that none of the above are true. If you have the scores or the talent, you can apply for Merit-Based Scholarships.\u00a0<\/span><\/p>\n

Merit-Based Scholarships are further divided into three sub-categories:\u00a0<\/span><\/p>\n

Academic-Based Scholarships: Only academic performance of a student is considered while awarding these scholarships.<\/span><\/b><\/span><\/p>\n

Talent-Based Scholarships: A student\u2019s extraordinary performance in any extracurricular activity<\/a>, an innovation he\/she created is considered while awarding these scholarships.<\/span><\/b><\/span><\/p>\n

Sports-Based Scholarships: <\/b>A student\u2019s athletic performance is considered while awarding these scholarships.<\/span><\/span><\/p>\n

Facts To Know About Merit-Based Scholarships In The US:<\/b><\/span><\/h4>\n

The pool of Merit-Based Scholarships in the US is an estimated $22 billion! <\/span>One of four students going to a Public University in the US will receive Merit-Based Scholarships directly from the University or the State government.\u00a0<\/span><\/span><\/p>\n\n\n\n
88% of freshmen at Private Colleges received a grant from the institution in 2016-2017, covering 57% of tuition and fees.\u00a0<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source:<\/b> A report by the National Association of College and University Business Officers (NACUBO)\u00a0<\/span><\/span><\/p>\n

57% Merit-Based scholarships go to A students. 44% of the scholarships were claimed by people who weren\u2019t A students in high school.<\/span><\/p>\n

According to the Fulbright Commission, more than 600 American universities offer scholarships worth $20,000 or more to international students.\u00a0<\/span><\/p>\n

\"InternationalSource:<\/strong> www.iie.org\u00a0<\/span><\/p>\n

So, if you are someone who aspires to study in the US, it is time to pull your socks up and enter the Merit-Based Scholarship game!\u00a0<\/span><\/p>\n

How Do Colleges Choose Candidates For Merit-Based Scholarships?<\/b><\/span><\/h3>\n

Colleges in India and around the world have a few broad categories they look at while awarding Merit-Based Scholarships. Here are 7 criteria colleges look at, which you should think about if you are aiming to secure a scholarship:<\/span><\/p>\n

1. Academic Performance: Academic Performance is something that all Merit-Based Scholarships take into consideration. What were your high school scores like? Are you consistent in your performance? Which subject do you perform best in. are all evaluated.<\/span><\/b><\/span><\/p>\n

2. Entrance Test Scores: SATs, IELTS, GRE, etc to study abroad or All India Entrance Examination for Design, TISS Bachelors Admission Test, Common-Law Admission Test and a plethora or <\/span><\/span>other entrance exams<\/span><\/i><\/a><\/span> to study in India. <\/span><\/b>The scores these entrance exams are taken into consideration while choosing a candidate for Merit-Based Scholarships.<\/span><\/p>\n

Remember, how much your academic performance and entrance test scores matter depends on what basis you apply for the scholarship. If it is academic merit, then it is given the utmost importance. But, if it is sports or extracurricular merit, then it takes a backseat.\u00a0<\/span><\/p>\n

However, a minimum score needs to be achieved to be considered eligible for Merit-Based Scholarship.\u00a0<\/span><\/p>\n

3. Excellence In Extracurricular Activities: Are you a trained classical dancer who performed with the Prime Minister of India in the audience? Are you a musical prodigy who composed an album when you were 15? Are you an artist who performed at Broadway Theatre in high school?<\/span><\/b><\/span><\/p>\n

If yes, then colleges are looking for students with extracurricular vigour like you. If you are applying for Merit-Based Scholarship based on your extracurricular achievement, then you should exhibit:<\/span><\/p>\n