Scholarships are the monetary support that provided to the students on certain basis. All the colleges and universities all over the world facilitates the students with some sort of scholarship based on excellent performance or some other criteria such as, finance, arias, family background, or any other unique skills.
Financial aid is the financial reward to the students for their career, so that they can complete their studies. Chances are there, scholarship is commonly provided on the basis of performance. Financial aid is a type of reward for deserving individuals as the direct monetary help or reduction of fees. The government provides financial aid or grant packages to uplift the standard of education and to make it accessible for brilliant students to acquire a degree of their choice at very low cost.
The cost of higher education is increasing day by day. It is becoming unreachable for a certain class of students. The grant and scholarship provide the way for those students to reach up to the level of higher education without thinking about expenses and big amount of fees. Sometimes students need to get some extra money to meet their expanses besides the tuition fee or books expenses; here free monetary award helps a lot.
Students from 3rd world countries tend to go abroad (USA) for higher education where difference of currencies can be a critical issue for them. Many leading institution in USA provides financial help for outsider students on some rules and regulation which helps them to study easily. Most of the universities like, medical, engineering, arts, business, and many more offers scholarship to talented students.
Almost every institution from school to universities for higher education offers some financial aid programs in different forms. These programs are the golden opportunities for students to raise their expertise to perform well. Government agencies also help the students by awarded them free money so that they feed excellent services in the country. Scholarship is the traditional phenomena for all educational institutes.
There are some specific criteria for the scholarships besides the excellent performance in the studies. Financial aid is provided on some other criteria such as scholarship for handicaps, scholarships for adopted children, scholarship for military background students, scholarship for high school seniors, and the most important is scholarship on the analysis of personal earnings (depended students without any financial support).
Scholarship or grants are always awarded for basic three reasons:
• Providing reward to students so that their excellent performance will be appreciated and give motivation to others to perform.
• Help the individual which has academically excellent but have deep financial crises.
• In the honor of some government or military families.
At the end, scholarship is a valuable and important system for studies especially for higher education. In the era of economic crises, if the students who have excellent qualities drop the studies due to lack of resources to pay heavy college fees. It will be a great loss for economy and human resource. On the other hands scholarships give motivation to every individual to study which develops the importance of education.