About IIM Bangalore (IIMB) Scholarship

Types of Scholarships: A Complete Guide for Students

Scholarships are one of the best ways for students to fund their education without falling into the trap of student loans. Whether you’re a high-achieving student, facing financial difficulties, or belong to a specific community or background, there's likely a scholarship available for you. In this guide, we’ll explore the types of scholarships, their eligibility criteria, how to apply, and details about their renewal and duration.

Types of Scholarships

There are several types of scholarships available for students, and each type is designed to support different needs and achievements:

1. Merit-Based Scholarships

These scholarships are awarded to students based on their academic performance, extracurricular achievements, leadership skills, or talents in areas such as music, art, or sports.

Example: A student with a high GPA and strong leadership record may qualify for a university’s merit scholarship.

2. Need-Based Scholarships

These scholarships are awarded based on the financial need of a student. Factors such as family income, the number of dependents, and tuition costs are taken into consideration.

Example: A student from a low-income family may receive a need-based scholarship to cover tuition and living expenses.

3. Government Scholarships

Offered by central, state, or local governments, these scholarships are often targeted at specific groups such as minorities, economically weaker sections, or students pursuing higher education in specialized fields.

Example: The National Means-cum-Merit Scholarship (NMMS) offered by the Government of India for deserving students from underprivileged backgrounds.

4. Private Scholarships

These are funded by private organizations, NGOs, corporations, or individuals. They may be based on merit, need, community service, or a combination of criteria.

Example: A company may offer scholarships to students in STEM fields or to children of its employees.

Eligibility Criteria

Each scholarship has specific eligibility criteria, but some common requirements include:

• Academic Performance: Most scholarships require a minimum GPA or percentage.

• Financial Status: For need-based scholarships, proof of income or economic hardship may be required.

• Category or Community: Some scholarships are reserved for students from specific castes, religions, or minority communities.

• Course or Institution: Scholarships may be restricted to particular fields of study or institutions.

• Other Achievements: Leadership, community service, or participation in extracurricular activities may also be considered.

How to Apply for a Scholarship

Applying for a scholarship involves several steps. Here's a general process:

1. Research: Identify scholarships for which you meet the eligibility criteria.

2. Prepare Documents: Common documents include academic transcripts, income certificates, ID proof, and recommendation letters.

3. Write a Statement of Purpose: Some scholarships require an essay or personal statement outlining your goals and why you deserve the scholarship.

4. Apply Online or Offline: Follow the application instructions carefully. Some scholarships have online portals, while others may need mailed-in forms.

5. Track Application: Note deadlines and track the status of your application. Late submissions are usually not considered.

Renewal & Duration of Scholarships

Most scholarships are offered for a specific duration—usually one academic year—but many are renewable if the student maintains the eligibility criteria.

Renewal Conditions May Include:

• Maintaining a minimum GPA or academic performance

• Continued financial need

• Submission of progress reports or annual renewal forms

Duration:

• One-time: Some scholarships are granted once to cover specific expenses (e.g., application fees or books).

• Annual/Renewable: Others are provided annually and can be renewed for the duration of the academic course.

Scholarship Table