Majorly there are three types of scholarships and almost everything can be divided between these three categories.
Generally people think that Merit scholarship is just for those students who have high grades or are excellent in academics. Merit Scholarship is definitely given for academics, but that's not all. Actually Merit means to be worthy of or to deserve. So, if you are brilliant in sports, you can be proffered with Merit Scholarship. Also, some merit scholarships can be awarded for special talents, leadership potential and other personal characteristics.
Therefore Merit Scholarship is for all deserving candidates whether in the realms of academics, sports, music, arts, theatre, communications, or any other activity/field. Purely this kind of scholarship is based on the merit score (in any field) of the candidate. Also, high scores on standardized tests such as SAT, ACT, GRE, GMAT etc. are taken into consideration for academic eligibility.
Merit Scholarship is offered by university/college or by private organization.
This scholarship is exactly what its name suggests, NEED. Need based Scholarship is given to the students who NEED it, as they cannot afford paying college tuition fee. Students who have financial/economic problem are worthy for this scholarship. Also, single parent students are also eligible for Need Based Scholarship.
Student Specific Scholarship
As the name suggests, the student specific scholarships are provided to specific category of the students. This can be with respect to race, sex, religion, family, medical history and many other factors. The most common category in this category is Minority scholarship.
For Ex: The Gates Millennium Scholars program is a minority scholarship funded by Bill and Melinda Gates for excellent African American, American Indian, Asian Pacific Islander American and Latino students who enroll in college.
TURN ON YOUR MINDS!!!