What is a Merit-Based Scholarship? Understand the benefits

If you are looking for funding for your college education you should definitely check out Quality Scholarships. They are a great option, especially for high-achieving students who may not be eligible for need-based financial assistance. The best part about getting a quality scholarship is that of course you get paid for school. But how to apply for merit scholarships and get a merit scholarship can still be confusing and overwhelming.

What is a Merit-Based Scholarship?

Merit-based college scholarships are financial aid awards given for the time of college students awarded on the basis of academic merit. Students who have excelled in high school or on standardized exams may be eligible for this scholarship if they meet certain criteria. Merit-based college scholarships differ from need-based help. The need-based award is given to a student by the school’s financial aid office based on one’s family finances and financial needs. Some schools, for example, do not offer IVs merit-based help.

Understanding the benefits

The most obvious benefit of Merit-based scholarships is that it allows students to finance at least part of their postgraduate education without having to pay out of pocket or borrow. This is an incredibly important advantage, especially for individuals who are qualified to excel in high school programs but cannot afford to graduate school altogether. However, this is not the only benefit that can be obtained by applying for financial assistance based on merit. According to research from Inside Higher Education, students who manage to win these prizes often benefit from the mental growth they receive from receiving scholarships.

Researchers at a university have found that Merit-based scholarship recipients often excel in the classroom, motivated by mere recognition of their academic performance. This kind of confidence can create a whimsical effect that lasts a long time after graduation and puts students on a long-term path to success. Collectively, these benefits should encourage potential MBA students to enter the range of scholarship applications and submit for merit-based assistance packages.

How to apply for the merit-based scholarship online

Unlike need-based financial aid, which only requires the submission of a Federal Student Aid for Free Application (FAFSA), the application process for each Merit-based scholarship is different. Some schools that offer help based on merit allow you to double your college application eligibility as a scholarship application, while other schools require only a simple application to apply for Merit-based scholarship.  

On the other hand, the process of apply merit-based scholarships online is particularly varied and rigorous. In addition to the general application, private scholarship sponsors may be required to submit written essays to candidates, receive letters of recommendation, or sit for an interview. You can apply for a private scholarship as per your preference, however, it is better to give first place to the scholarship for which you are most eligible. Otherwise, you can spend significant energy on the scholarship application process but in the end, you will get a very little financial reward.

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