20/10/2021
SCHOLARSHIP EXPLAINED
Let us look into the word ‘ scholarship’ . You might have heard the word from your parents, high school counsellors, professors, university admission agents, even among your peers.
Now, the big questions are: What are they? What are their functions / works? How can they be of help? You might have an idea about what a scholarship is money given to you to pay your fees in school. That is close.
A scholarship (or a grant or a fellowship) is a financial aid provided to a student based on academic merit, etc. to further his / her education. Whe n one receives a scholarship, it does not need to be paid back which makes it different from a loan accrues interest, or need-– which based which a financial aid is doled out by higher institutions even universities.
Scholarship funding can come from vari ous sources. These sources can be from governments, conglomerates, universities, or any organization with a large heart to help fund students’ education.
Scholarship money can come from many numbers of sources. Philanthropists contribute to a huge volume o f scholarship awards around the world. A major example is the Rhodes Scholarship; which is one of the prestigious scholarships in the world named after the diamond magnate, and Colonialist Cecil John Rhodes (founder of Rhodesia now Zimbabwe) who wanted to promote unity between English speaking nations and instil a sense of civic minded leadership and moral fortitude in future leaders irrespective of their chosen career paths.
In 2018, due to the introduction of Global Rhodes Scholarship, the Rhodes scholarship is open to postgraduates students from anywhere in the world.
Rhodes scholars (recipients) have achieved fame as politicians, academics, scientists, authors, and entrepreneurs. Notable American recipients include President Bill Clinton, Pakistan’s f Wasim Sajjad, Former Australian Prime Minister Tony Abbott, etc. ormer president Majorly, scholarships are gifts of “free funds” awarded to students in order to pay for full or parts of their college education.
Scholarship money does not have to be paid back, unlike student loans that you must pay back even with interests. The most common type of college scholarship is merit based, which implies that the student earns it for any number of reasons, which are: exceptional academic grades, outstanding athletics, dedicated volunteer work, or even just fitting into a particular demographic.
Therefore, college scholarships do not require paying back; a wise student can save money and reduce their potential student loan debt. However, though a scholarship is not a loan, it is not just free money either.
Most organizations view the scholarship s they offer as investments rather than gifts, meaning they have strings attached. Some scholarships may expect acts of service; others might require maintaining a certain grade point as well as optimum performance on the field. 43
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