When you think of scholarships in general, merit scholarships are what come to mind. This was the initial motivator for people or individuals who decided to give monies to students. It was to support students who had outstanding merits in or out the classroom to achieve higher learning and become indispensable members of the society. It was to help that talented student leader to advance his potentials and soar higher. Therefore, someone or an institution would only award this type of scholarship to excelling students. This scholarship is available to all types of students from all faculties provided they are performing very well.
There are two primary reasons for awarding merit-based scholarships. To begin, it is critical to recognize that the most gifted individuals do not always come from wealthy families who can afford to pay for their education. Merit-based scholarships allow exceptionally gifted individuals to shine rather than just slipping through the cracks. As former Vice President Dan Quayle observed on the subject, losing one’s mind is a terrible thing. Although it did not turn out exactly as he had hoped, his intentions were good.
Fact is, merit based scholarships aside benefiting the individual massively impacts the community a country as a whole. We all win when that mathematics genius gains admissions to further their studies abroad instead of hawking on the streets. When talents go to waste, it hurts the community because we all hate when people aren’t living up to their potentials. This is what motivates governments, communities, businesses, churches and some individuals in the society to offer merit based scholarships to individual.
There are literally thousands of merit-based scholarships available. Others, such as the National Merit Scholarship Program, use more traditional methods of determining merit, such as PSAT scores. Others, such as Project Imagine and the Arts Recognition and Talent Search, award grants based on potential and exceptional talent in the fine arts.
There are countless contests that are held in order to award the winner(s) scholarships. These might be the most competitive. For instance, the National Geographic Society awards a $25,000 scholarship to the winner of its Geography Bee, but competitor’s number in the millions. Similar to this, the Intel Science and Engineering Fair awards $3 million annually for outstanding projects in science, mathematics, and engineering.
The truth or the trick is, increasing your financial aid literacy will increase your chances of getting scholarships; from receiving small donations monthly or annually to receiving fully funded scholarships and you wouldn’t have to ever deal with the shackles that come with student loans.

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