What Kinds OF Scholarships Are There?
Adam Griffiths - April 24th, 2022
Are you wondering what kinds of scholarships are there for you? You have come to the right place. Did you know that more than 10 million dollars’ worth of scholarships go unclaimed each year? We are living in a day and age where we have all the information in the world available to us.
As a matter of fact, the bread and butter of this modern social media age is information, so why aren’t more students finding their way to this available financial aid? GrantMe was wondering that too and decided to do something about it. It’s our mission to get students who are eligible for scholarships the information and resources they are missing out on. Scholarship opportunities like these change students’ lives.
To reduce this information gap for students and to answer the question of what kinds of scholarships are there, GrantMe developed programs with the focus of helping more students win scholarships that are available to them. This article will take a look at what different kinds of funding there are for students and how they each work.
What Kinds of Scholarships are There?
Scholarships are a type of financial aid that is given to students to help them finance their education. Scholarships are much more helpful to students than loans because they don’t need to be paid back—ever! Of all of the different types of financing available, scholarships are usually given to a student based on their academic or extracurricular merit.
The other main types of financial aid for students are bursaries and grants. These two types differ from scholarships. Bursaries are usually need-based awards, while grants can be awarded to students based on the need for more people in a certain field or for projects. While these three categories generally hold true, there are exceptions. A mixture of need-based, merit, or project-specific criteria can be used for any type of award depending on the goals of the donor.
What is a Scholarship?
A scholarship is financial funding that is usually given to students based on their merit. This can be academic merit or another kind of merit, such as artistic talent. Athletic scholarships are awarded for skills in a certain sport, like hockey or football. Other types of scholarships can be awarded for talent in playing an instrument or even for qualities like leadership and community service.
Each scholarship is unique, just as every student is unique. No one type of student wins scholarships, so we encourage all students to go for it and have confidence in their uniqueness. Some scholarships are sponsored by universities, schools, or companies because they want to promote a certain field or skillset.
Other types of scholarships are set up by third parties such as personal trusts or alumni of an institution who wish to give back to their alma mater. Exceptional leadership skills are a skill often highlighted in scholarship competitions, so it’s a good idea to look for leadership opportunities as a high school student and build your resume.
You will mostly see scholarships offered at universities, where students have the highest financial need.
As an example, let’s look at the University of Toronto. This university offers scholarships in most of the academic fields offered there to encourage excellence from all faculties. The scholarships they offer may be used towards tuition fees as well as living expenses.
What is a Student Bursary?
A bursary is a sum of money that is awarded to students who are unable to pay the full cost of their education. A bursary may have a co-op option, requiring the student to work in the institution for the period they are studying there. For example, if the university you are studying at awards you a bursary, in return, you may need to do part-time work for your academic department for a term.
A bursary is a form of financial aid, and one of the most important things to remember about them is that awards are granted based on financial need. The function of a bursary is to help students deserving of a spot at a university who don’t have the financial means to study there. Some examples of bursaries are given below:
Louis Riel Bursaries: In order to be eligible for this bursary, you first need to be a Metis resident of Manitoba. Applicants need to provide a letter confirming their status. To apply for this bursary, you need to complete the Special Awards for High Need Students application form and the application form for the Louis Riel Bursary.
Peter Rich Bursaries: This bursary is available for students who are pursuing a credential as a Doctor of Veterinary Medicine. Applicants need to show proof that they require this award to carry on with their education. The amount awarded for this bursary is $7,500.
What are Student Grants?
Grants are a kind of financial aid offered based on a student’s ability to pay for their education or how much demand there is in the workforce for professionals with a certain skillset. Funds awarded through grants can be used for expenses necessary for school, such as paying for your rent, food, buying textbooks, or paying your tuition fees.
They can also be a sum of money awarded to students to fund an academic project. One of the main functions these kinds of grants have is to support projects that will be helpful to the community or to the scientific field.
These awards are created for students and professionals who are going to make a difference in the world and possibly invent something new. For students to win these grants, the donor of the grant might take their financial condition into consideration, but the most important factor is the intended work that the student has proposed.
An example might be if a student is studying environmental studies and applies for a grant to conduct a research paper on the effects of deforestation on annual rainfall. If they are awarded the grant, they will receive funding to help them complete this research.
Grants aren’t like student loans, so they do not need to be repaid. As for financial loans, they need to be repaid with interest, so stay away from those if you can. There are different types of grants available out there. To find the perfect grant for you, you can enrol in GrantMe’s student programs. We will help you find a suitable grant from our scholarship database.
Here is an example of one of the grants available:
Hospital Libraries Section Award: This grant is provided by the Medical Library Association and the donor for this scholarship is the Hospital Libraries Section. It is available to two candidates, and if you are interested, you can go to GrantMe to find more or to view similar grants like this.
What are Student Research Positions?
This is one of our favourite kinds of financial aid options as they are similar to scholarships, but there is an additional opportunity involved if you land a student research position. The main function of student research positions is to give undergraduate students the opportunity to collaborate with faculty while earning money for their education.
Student research positions are like jobs. They are offered to students who want to gain research experience and allow students to help the institution’s research faculty by working for them. In return for your work as a student researcher, the university will pay you a fixed amount to help you carry on with your studies. Some examples of student research positions are given below:
Elmer Marquardson Research Scholarship: This award is provided by the University of Lethbridge. In order to be eligible for this scholarship, you need to have completed some coursework related to agriculture and show that you are interested in doing agricultural research, which will help benefit the agriculture industry of southern Alberta.
Lakefield Research Bursary: This award is granted to students at Trent University who have satisfactory academic results and need help paying for their education.
If you are still wondering more about what kinds of scholarships are there, have a look at our webpage and request a scholarship assessment. We will gladly match you with the scholarships of your dreams and guide you through your application process!
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