There financial aid programs are divided in two categoires; need-based aid and merit-based aid.
- Need-based aid - Need based aid are given to students who are not able to afford college payments. Therefor students from lower income families are awarded a need-based scholarship. Some of these scholarships focus on the students who are disabled or chronically ill. Also young parents, single mothers are awarded a need based scholarship.
- Merit-based aid – This kind of programs help students based on their academic achievements. GPA, academic awards, and school related activites like sports are important factors. Contests are usually in this category , because winners are selected based on the invention they have produced or the essays they have written.
Awards Classifications:
There are different terms of awards depending on some requirements.
- Fellowships: These are given by associations. The reqiurement is you have to be a member of the group to get some scholarships. You represent the organization and you may seem as a public image which can have you stayed out of the controversy.
- Scholarships: No requirements need to be met to get some scholarships. Scholarships are designed to recognize a student’s accomplishment or to assist someone in need.
- Contests: It can be anything from engineering to an award for the best student song. Most of the time it is based on the creativity you got.
Always be aware of what kind of financial aid you are getting. Do they need to be paid back? Are you supposed to be a member of a specific organization?
Good Luck!
Source: http://freecollegeblog.com/