Scholarships are given to students who demonstrate a particular academic merit or need. Merit-based scholarships are awarded based on academic performance, extracurricular activities, and other factors. Need-based scholarships are awarded based on the student’s financial need.
Merit-based scholarships are given to students with high academic performance and extracurricular activities. These types of scholarships reward students for their achievements and not just their needs.
Need-based scholarships come in two types: need-based grants and need-based loans. Need-based grants offer a one-time lump sum payment to help meet the student’s basic living expenses while they attend college, while need-based loans offer funds that must be paid back with interest after graduation.
Need-based grants and loans can help students who need financial assistance in the form of funding such as from a college or university. Grants and loans are available to those who qualify for them, regardless of family income. Financing education grants and loans are available for students who show a financial need to help them pay for college. However, federal funding is only available to students with financial needs.
Your eligibility will also depend on the type of institution you’re attending and how many credits you’ve completed in the past year.