Not many people may have a clear idea of what a “scholarship” means …
A scholarship (or financial grant, or fellowship) is defined as a cash amount given to any student or to the university in which he intends to study to help he complete his schooling (school or college), and dissimilar to college or instructive advances that require complex methods and require reimbursement inside a particular period, Scholarships are a monetary reward, so the student is not required to pay them.
Why should I seek a scholarship?
There are many factors and reasons that made it
Scholarships are an important option for students from all over the world, especially in the past few years, including:
1 The high tuition costs
According to statistics, the value of university fees has increased by 1120% over the past 30 years! Yes, it is a correct number, not a misprint! And according to what was published by Bloomberg, the rate of study costs in universities increased by 4.8% in 2012, surpassing inflation rates.
These and other statistics indicate that students today need to take their financial situation into account before they take their first step on campus. This incorporates contributing their time appropriately to apply for different grants that hold them back from paying the extravagant expenses for their higher education!
3 The high interest rate imposed on university loans
Although university loans may be a good idea and a feasible solution for many students to enroll in universities, the interest rate imposed on these loans is increasing day by day, reaching 7% in the United States of America.
This creates a burden on students and sometimes pushes them to work and study at the same time to pay off these loans, which may negatively affect their academic achievement.
4 The deteriorating economic situation in many countries of the world
There is no doubt that the economic situation is deteriorating in many countries of the world, especially in the Arab region, and this situation has two important consequences:
High debt ratio.
Low employment rate.
Therefore, many people resort to borrowing from banks to meet their obligations, and their chances of finding a suitable and comfortable job diminish. Therefore, the importance of seeking a scholarship appears, as this will spare you from falling into the spiral of debt, and greatly contribute to starting your career after you graduate with strength without any financial obligations on you.
What are the types of scholarships?
The types of university and scholarships available around the world differ, as we can classify them based on the categories that you target as follows:
1 Granting entitlement
They are the scholarships that the student receives if he fulfills certain conditions and criteria set forth by the scholarship provider. It should be noted here that the conditions for obtaining a scholarship from merit grants differ for different universities and donors, so we find, for example, the grant of academic excellence.
Grants that combine academic excellence with specific talents in a specific field, such as the awarding of sporting excellence. Financial Merit Scholarships: offered to students with financial needs.
2 Grants for minorities and special groups
These are grants that target specific groups of people or religious or ethnic minorities, such as:
Grants targeting developing countries or specific regions such as the Middle East.
Grants that are given to the children of workers in a specific company or sector, such as grants given to the children of soldiers, for example.
Scholarships can also be classified according to what they cover, into two types:
- Fully Funded Scholarships
They are, as the name indicates, scholarships that cover all study expenses that include:
Tuition and registration fees.
the traveling cost.
Additional funds to cover research and study project costs.
- Partial scholarships (partially funded)
They are scholarships that cover tuition fees only or part of them, or any of the other costs, such as covering the cost of housing only, or living allowance, for example. Sometimes students can combine more than one partial scholarship to save their full tuition costs.