Credit Funding

President Barack Obama in a recent speech of his stated that education is the current need of the hour with growing competition from Beijing and Bangalore. So, in this pursuit of his he has introduced Obama scholarships which aim at providing grants to deserving students as well as moms who can’t afford the burden of education expenses due to low income.

The Obama scholarships are known as Pell grants and Federal Supplemental Educational Opportunity Grants (FSEOG) and to apply for federal Pell grant one is required to complete the FAFSA (Free Application for Federal Student Aid).

Scholarships are a totally different concept from loans, grants, financial aids etc. Scholarships are granted to students by the university itself where the student studies. Schools and colleges provide scholarships to only a few students based on some parameters such as a selected community, talent etc.

Types of scholarship

Based on merit – this is most common type of scholarship awarded to a student on the basis of his extra curricular, academic or artistic abilities.

Most of the students applying for higher education look for scholarships to support their studies. Scholarships are merit based monetary gifts or financial aid awarded to a student for further education and needn’t be repaid. Scholarships are awarded by many institutions including the state and federal governments, public and private organizations and colleges and universities.
Scholarships are an attractive way to pay for college and range from a few dollars to covering the complete tuition expenses. Scholarships are generally based on academic merit or other forms of achievement like community service or athletics. They are also awarded based on need. All students are eligible for scholarship and can apply.