For millions of students, college would not be possible without some kind of financial aid. While that aid often comes in the form of federal loan, private grants or private loans, it might also come as a scholarship.
There are two basic types of scholarships: need based and merit. Perhaps you’re more familiar with need-based scholarships and haven’t taken a look at merit scholarships.
What Is a Merit-Based Scholarship?
Merit scholarships are awarded, as the name implies, on an applicant’s performance in a particular area, rather than financial need. Generally, a scholarship committee will evaluate the applicants. Merits vary depending on the criteria set by the organization funding the scholarship.
The committee might look at test scores, recommendations by instructors and academic performance. Or, merits might be based on performance on a standardized test, or performance in a field of study.
Some scholarships may have very specific requirements that applicants belong to a region or to an organization such as a church, a civic group or a school. There might be a requirement regarding race, gender or background.
Sources of merit scholarships vary, but all are private.
Merit Scholarship Consideration
Applicants for merit scholarships should be aware of OU’s two admission cycles: early action and rolling. Early action gives applicants priority for merit scholarship programs. Applicants who haven’t met the early action deadline but who meet the rolling deadline may be considered.
Transfer students take note: for merit scholarship consideration, you must have applied for the fall semester and be admitted by May 15.