Benefits of Scholarships – Scholarships are a valuable form of student financial aid that can have a profound impact on an individual’s educational journey. They are awarded based on various criteria, including academic merit, financial need, personal background, and extracurricular activities.
Additionally, there are numerous benefits of scholarship programs that extend beyond financial assistance. Whether the candidate is a high school student planning for college or a college student planning for further studies or a current student seeking financial aid, understanding the advantages of scholarships can empower him/her to make informed decisions about his/her respective educational journey.
According to a report by the National Sample Survey Office (NSSO) in 2017-18, financial constraints were a significant factor preventing students from pursuing higher education in India. The report highlighted that approximately 30% of students in the age group of 18-23 years were unable to continue their education due to financial reasons. Therefore, it is vital to understand the importance of scholarships and also how scholarship awards can help a student in completing his education in the best possible way.
This article offers valuable information on the importance of scholarships to students and covers various aspects of why scholarship is important for students. It highlights the benefits of scholarships, enabling students to understand the positive aspects of applying for financial assistance and potentially facilitating a seamless educational journey.
Benefits of Scholarships – Important Data & Details
A study conducted by the Ministry of Human Resource Development (MHRD) in 2019 revealed that approximately 26% of students dropped out of school before completing the secondary level of education. Financial constraints were cited as one of the primary reasons for discontinuing education.
Since education plays a major role in shaping the future of a nation, the government is taking transforming steps to minimize the percentage of students who are not able to attend schools, colleges or complete their college education due to lack of financial resources and various other issues. Similarly, private organizations also ensure as a part of their corporate social responsibility to provide financial assistance and other benefits to students for completing their education.
The allocated funds by the government of India for scholarships show an increase while the government aims to boost the literacy rate while decreasing the dropping out rate due to visible reasons. Here’s some related data:
| Academic Year | No. of Scholarships Sanctioned | Amount (In Rs. crore) |
| 2017-18 | 5311257 | 1078.42 |
| 2018-19 | 5691854 | 1264.29 |
| 2019-20 | 5568025 | 1424.55 |
| 2020-21 | 5239964 | 1192.42 |
| 2021-22 | 5710789 | 1329.17 |
Types of Scholarships Students Get in India
Scholarships can be majorly divided into two different types – government scholarships and private scholarships.
1. Government scholarships: These are the scholarships provided for students by the central or respective state governments to aid the education of students and to promote literacy.
Some examples of government scholarships are:
- NEC Merit Scholarship
- Prime Minister’s Scholarship Scheme For RPF/RPSF
- Central Sector Scheme Of Scholarships For College And University Students,
- Nagaland Scholarship
2. Private scholarships: These are the scholarships provided to students by private institutions. These scholarships also run with an aim of social service and improving the academic standards in the society by aiding the education of students in multiple ways.
Some of the commonly known private scholarships are:
- Kotak Junior Scholarship
- HDFC Bank Parivartan’s ECS Scholarship
- Buddy4Study – IDFC FIRST Bank Education Loan Programme
- L’Oréal India For Young Women In Science Scholarship
- Keep India Smiling Foundation Scholarship Program
- Aditya Birla Capital COVID Scholarship
Categories of Scholarships Students Must Know About
There are various kinds and categories of scholarships available to support students from different educational backgrounds, financial status, categories, places and areas, talents, and aspirations. Exploring the different types and benefits of scholarship programs and receiving the scholarship awards can help students identify opportunities that match with their strengths, interests, and financial needs and also understand the importance of scholarships as well.
Here are a few categories of scholarships:
1. Sports Scholarships: Athletic or sports scholarships are available for talented student-athletes who demonstrate excellence in sports.
For example-
- Sports Authority of India (SAI) and Netaji Subhas National Institute Of Sports (NSNIS) Scholarship
- Reliance Foundation Youth Sports Scholarship
- PACE Scholarships by GoSports Foundation
- Indian Oil Sports Scholarship
- Keep India Smiling Foundational Scholarship & Mentorship Programme for sportspersons
- AAI Sports Scholarship Scheme in India
2. Merit-based scholarships: Merit-based scholarships are awarded based on academic achievements, recognizing students with exceptional grades or standardized test scores.
For example-
- Swami Dayanand College Scholarship for Delhi/NCR
- L&T Build India Scholarship
- INSPIRE Scholarship For Higher Education (SHE)
- Siemens Scholarship Program
- Dhirubhai Ambani Scholarship Programme
- Nagaland State Merit Scholarship
3. Means-based scholarships: Need or means-based scholarships consider the financial circumstances of students and aim to alleviate the burden of tuition fees.
For example-
- NSP Pre Matric Scholarships Scheme for Minorities
- NSP Financial Assistance for Education of the Wards of Beedi/Cine/IOMC/LSDM Workers – Pre-Matric
- National Overseas Scholarship Scheme for SC, SHDF Scholarships
4. Merit-cum-means based scholarships: Merit-cum-means-based scholarships are awarded based on academic achievements and financial needs of the student.
For example-
- LIC HFL Vidyadhan Scholarship
- NSP Merit Cum Means Scholarship for Professional and Technical Courses CS (Minorities)
- North South Foundation (NSF) Scholarship
- Nurture Merit cum Means Scholarship
- LIC Golden Jubilee Scholarship
5. Talent-based scholarships: Talent-based scholarships are awarded based on specific skill or talents of students.
For example-
- GEMS Genius Scholarship
- Cultural Talent Search Scholarship Scheme
- Toto Music Award
- National Child Award for Exceptional Achievement
- Kalakriti Fellowship
- Madhobi Chatterji Memorial Fellowship
- Lalit Kala Akademi Scholarship
Benefits Of Scholarships – How The Scholarships Can Help Students In India?
Scholarships offer multiple benefits that can positively impact a student’s educational journey and future prospects. Here are a few benefits of scholarships:
I. Financial Relief:
Financial assistance is one of the well-known economic benefits of scholarships. Scholarship awards offer substantial financial relief, covering tuition fees, books, accommodation, and other educational expenses. By securing a scholarship, students can significantly reduce their financial burden, enabling them to focus more on their studies and personal growth.
Some of the commonly known scholarships that provide financial assistance are:
- HDFC Educational Crisis Scholarship Scheme
- Foundation for Academic Excellence and Access (FAEA)
- Indian Oil Academic Scholarships
- Aditya Birla Scholarship
- NSP Pre Matric Scholarships Scheme for Minorities
II. Enhanced Educational Opportunities:
- Opportunity to study in prestigious institutions: Studying in prestigious institutions is one of the best benefits of scholarships. Scholarships often open the gateway of esteemed educational institutions for students that may have been financially out of reach otherwise. This provides students with the chance to learn from renowned faculty and be part of a diverse and intellectually stimulating environment.
- Study abroad opportunities: Many scholarships promote study abroad programs, exposing students to new cultures, perspectives, and academic experiences. This international exposure can broaden their horizons and enhance their future career prospects.
Some of the scholarships that provide the students with study abroad opportunities are:
- Agatha Harrison Memorial Fellowship
- Fulbright-Nehru Master’s Fellowship
- Dr. Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas Studies
- National Overseas Scholarship for SC Students
III. Recognition and Merit:
- Validation of achievements: Becoming a beneficiary of a scholarship acknowledges a student’s hard work, dedication, and academic achievements. It serves as recognition of their talents, motivating them to strive for further excellence.
- Employability: Scholarships on a student’s resume enhance their employability when applying for jobs or graduate programs. Employers and admissions committees value candidates who have been recognized for their achievements.
IV. Networking and Mentorship:
- Networking opportunities: Scholarships often provide access to a network of fellow scholars, alumni, and professionals in various fields. Engaging with this network can foster valuable connections, mentorship, and future career opportunities.
- Guidance and support: Some scholarship programs offer mentorship and guidance from experienced individuals in the field. This also is one of the best benefits of scholarships that can help students navigate their academic and career paths with valuable insights and advice.
Some examples of such scholarships are Aditya Birla Capital Mentorship Program, Keep India Smiling Foundational Scholarship & Mentorship Programme, CNH-ITC Mentorship Program, etc.
V. Personal and Professional Development:
- Holistic development: Scholarships often encourage participation in extracurricular activities, community service, and leadership roles. These opportunities promote personal growth, develop essential skills, and shape well-rounded individuals.
- Increased confidence: The recognition and support provided by scholarships instill confidence in students, empowering them to overcome challenges and pursue their goals with determination.
Benefits of Scholarships – Frequently Asked Questions
How can I find scholarships that suit my needs?
To find scholarships that align with their needs, interested candidates may start by researching online scholarship databases, government-sponsored programs, and reputable organizations related to their field of study or background. Utilizing search filters to narrow down options based on criteria such as academic performance, financial need, location, or specific demographics can be a great option. Additionally, the candidates may also reach out to their school's guidance counselor, community organizations, and professional networks for potential scholarship opportunities.
Are scholarships only given based on academic performance?
No, scholarships are not solely based on academic performance. While some scholarships do consider academic achievements, there are numerous scholarships available that take into account various factors such as extracurricular involvement, leadership qualities, community service, artistic talents, athletic abilities, and specific career goals. Scholarships can be need-based, merit-based, extra-curricular activity-based and much more. It is advisable to be sure to explore scholarships that cater to the unique strengths and interests of the candidates.
What are the eligibility criteria for scholarships?
Eligibility criteria for scholarships can vary greatly depending on the scholarship program. Common factors considered include academic performance, financial need, field of study, geographic location, specific demographics (example- gender, ethnicity, disability), and involvement in extracurricular activities or community service. It is important to carefully review the eligibility requirements of each scholarship one is interested in and ensure that he/she meets the specified criteria before applying.
How can I improve my chances of securing a scholarship?
To improve the chances of securing a scholarship, the interested candidates must consider certain points such as maintaining a strong academic record, engaging in extracurricular activities, participating in community service or volunteering work to showcase dedication to making a positive impact, seeking out unique scholarships that align with the interests, background, or field of study of the candidates, writing compelling application essays that highlight accomplishments, aspirations, and reasons why one deserves the scholarship, requesting strong letters of recommendation from teachers, mentors, or employers who can attest to the abilities and character of the candidate, meeting all deadlines and submitting well-prepared, error-free applications, etc.
Can I apply for multiple scholarships simultaneously?
Yes, students can apply for multiple scholarships simultaneously. In fact, it is often recommended to maximize your chances of securing financial aid. However, it is crucial to carefully read and understand the terms and conditions of each scholarship, as some may have restrictions on receiving multiple awards or require you to inform them if you receive additional funding. Be organized, keep track of deadlines, and tailor your applications to meet the specific requirements of each scholarship you apply for.
How long does it take for scholarships to process?
There is no specific timeline that caters to the scholarship disbursement process. The processing time for scholarships can vary depending on the scholarship program and its specific requirements. Some scholarships may have application deadlines months in advance, while others may have shorter turnaround times. After the application submission, it can take several weeks to months for the selection committee to review and evaluate the applications. Therefore, It is advisable to check the scholarship provider's guidelines or contact them directly for an estimate of the processing time for a particular scholarship.
Which scholarship is better- government or private scholarship?
Both government and private scholarships have their own benefits and cater to various groups of students. Therefore, it depends on individual preferences, eligibility criteria, and the specific benefits offered by each scholarship program. Government scholarships may provide stability and career opportunities, while the scholarship perks that private scholarships involve are unique industry connections or specialized support. It is advisable to thoroughly research and evaluate the respective benefits of scholarships before making a decision.