Scholarships are highly valuable in this world not just to students but their guardians too. The fact that the funding scholarship programs cover is high, but also you won’t be in debt, having to pay back large amounts at the end of your studies makes them one of the reasons there is a never ending search for them among students. To widen your horizons and chances of winning, you should know about the different types of scholarships.
This article will be covering government scholarships; It’s pros and cons, and private scholarships with its pros and cons. This information is made to help students further understand the types of scholarships in order to avoid feeling overwhelmed with their many options. After going through the article choose whichever one is most suitable for you and your needs, then you can begin navigating through the various scholarships with ease and apply with confidence.
Government scholarships
Government scholarships, as the name implies, are scholarships that are government funded. When you are searching for scholarships, you will come across multiple scholarships funded by different governments around the globe. Governments give out scholarships to either their citizens or international students for several reasons. Firstly, they obviously want to increase the level of educated individuals in their country to increase the country’s development. Funding student’s education is a huge investment to the country in more ways than one. The students can go on to other countries and make their mark and give the country a good reputation. Likewise, international students study in the host country and can contribute to their economy and cultural diversity, and so that’s why a lot of government scholarships are dedicated to international students.
Pros of government scholarships
- Government scholarships are usually high in value because it’s a government that is funding it. If you want to study in a specific country outside your own country but the cost is too expensive, where even a partial scholarship won’t suffice, you’ll probably have more luck looking through government scholarships in your desired area of study.
- Government scholarships typically have a wider eligibility criteria, allowing a bigger range of applicants to qualify.
- Government scholarships often consider financial need on top of all the other requirements required. In fact, many of them are purely based on the financial circumstances of an individual and their family. This is particularly useful to students in tough financial backgrounds, with difficulty finding means to earn more than they already have.
Cons of government scholarships
- After attaining a scholarship funded by a government, there will be certain conditions the students need to continue abiding by to keep the scholarship. While this is very true for both government and private scholarships, you’ll find it more often in government funded scholarships.
- If not always, applicants of government funded scholarships must be planning to study in the government owned country.
- In comparison to government funded scholarships dedicated to undergraduate studies, there are more available for postgraduate studies. As much as this can also be considered a pro, undergraduates will find it trickier to find scholarships suitable to fund their goals in obtaining a certificate higher than the secondary diploma. The lack of that undergraduate degree dims their chances in looking impressive to possible employers.
Examples of government scholarships
This scholarship is funded by the Federal Commission of Scholarships (FCS) in collaboration with the Swiss government. It is for international students (Citizens of countries outside of Switzerland) wanting to pursue a postgraduate degree. Scholarship holders must study at a switzerland university and reside there. Winners of the scholarship must demonstrate satisfactory progress set by the programme and Swiss government in their research or studies. Moreover, they will be expected to complete the program/research within a specific time. Failure to meet any of the conditions can very well result in the scholarship’s termination.
2. Chevening grants fully funded scholarships q
The famous Chevening scholarships are funded by the UK Government’s Foreign, Commonwealth and Development Office. It is for international students pursuing a one year master’s degree programme in any university located in the UK. The 2024 deadline is November 5th. Additionally, winners of the scholarship are expected to return to their home country for at least 2 years after the duration of their study.
Private scholarships
A private scholarship simply refers to scholarships that are being funded by non-profit organizations, companies, and foundations. Basically any scholarship not funded by a government is under the category of private funded scholarships. These organizations give scholarships often as a way of reaching their goals and achieving their vision. Not only does helping students open the window to having scholars who could come back and become future employees, but also it brings good publicity. Non-profit organizations and other private entities normally fund these scholarships by dedicating a part of their budget just for scholarships, organizing events, or through donors. Universities also fund their students’ studies, even if the amount isn’t in full. This is because the more people see how many individuals have graduated from a certain university, the more people will apply to that university. It is also a way of encouragement, to help the students focus on their studies so that their university will have many high achieving students who can later on become a part of their alumni.
Pros of private funded scholarships
- Once you have won the scholarship, you won’t have to be in fear of losing it because of reasons like an unexpected drop in academic performance, as most privately funded scholarships just need you to pass the rounds of evaluation.
- There are no conditions you need to maintain after becoming a scholarship recipient
- Winning these scholarships will be a great look on your resume because people know about their competitive nature. Especially if it was a skill or talent based scholarship.There is a huge number of these scholarships to choose from and their requirements vary greatly.
Cons of private scholarships
- Private scholarships, because of the nature of who funds them, are highly competitive and selective. This sometimes discourages students from applying because they know there will be many other candidates and that’ll lessen their chances of winning even after a lot of effort.
- The scholarship amounts are not always going to be as high as government scholarships.
- They aren’t always open to international students. Each private entity awards the scholarships to their respective country’s citizens.
- They are not often need based. Even if a government scholarship isn’t entirely based on financial situation, oftentimes it is still considered during the selection process. A lot of private scholarships are entirely based on one or two conditions. Though to some, this is also a pro because it feels more rewarding as it is very acknowledging of one’s skills and effort.
Examples of private scholarships
This 10,000 Naira scholarship for Nigerians in level 200 or above is funded by a foundation known as the Wole Ogunyemi Foundation. This foundation is a non-profit organization aimed at increasing the school enrolment and completion rate in Nigeria, in order to empower young individuals in Nigerian communities to escape poverty and develop their knowledge and skills.
2. The Inspiring Ayn Rand Essay Contests
The Ayn Rand Essay Contest is a great example of how diverse this category of scholarships are. This one is actually an essay contest about 3 books written by the famous Ayn Rand. It is open to absolutely everyone. First place winners win up to $10,000.
3. The University of Pretoria Commonwealth doctoral scholarship
This scholarship is for students pursuing their PhDs in the university of Pretoria located in South Africa. Only students coming from commonwealth countries are eligible to apply for this R184,000 scholarship.
Government versus private funded scholarships
As you can see, who funds the scholarship affects the way the application details is. From the amount of funding to the availability of the scholarships. Government scholarships are good for highly ambitious students who are adventurous and can handle challenges. These scholarships change the lives of several students by giving them opportunities that would have been hard to come by in their own countries. So to the students who come from developing countries, are hardworking, and most importantly – wish to break free from the cycle of a financially difficult life, take your chance and look around and apply for many of them. Winning one of these scholarships (especially if you come from a developing country) really shows that you are a determined and dedicated young person.
As for private scholarships, sometimes you just apply to them for the sake of getting extra funding for university expenses or to expand your lists of achievements to write down in your resume. Sometimes even just to challenge your skills and compete. Whatever the reason, scholarships funded by foundations, universities, and all of those under the category of private funds are perfect because they are available in large numbers. Remember, even those scholarships that don’t give a huge amount of money compared to others still matter a lot. They will all add up in the end and will make the difference of you being able to obtain that degree or not. Apply to as many as you can and make sure you know what you can offer.
In conclusion, there isn’t actually a type of scholarship better than the other. It’s more about what you as an individual are looking for and what strengths you have to offer.You’ll need to assess your situation and strengths and see which scholarships are looking for those and will be suitable for you to apply for. On top of all that, keep in mind that whichever type of scholarship you choose to go search around for, keep an open mind and apply from a variety of different sources because that is what increases your chances of receiving the funding necessary for your education. Whether it be merit based scholarships or private scholarships, they are all great opportunities to be taken seriously and not be missed.
