Merit Based Scholarships are probably the most common type of scholarship offer. It is a Merit Based Scholarship if the primary requirement is an excellent GPA or outstanding achievements during high school years. With this type of scholarship, it does not matter whether you are financially blessed or deprive.
Majority of scholarship sponsors such as universities, colleges, corporations, foundations, etc are basing their educational support on student’s measures of academic worth rather than monetary need. In short, Merit Based Scholarships are the scholarships that only brilliant and intelligent students can get.
Although the requirement for Merit Based Scholarships are quite steep and hard for the average performing students, one great characteristic of Merit Based Scholarships is that students who qualified for this can continuously enjoy the scholarship as long as they can maintain a certain GPA. That is why all parents instil to their children the importance of studying hard and getting high grades.
The Lifetime Learning Tax Credit scholarships work just like the Hope Scholarship but in Lifetime Learning Tax Credit, it does not matter whether it is your first time to get a college degree or you are an adult who are taking a continuing education because with this type of tax credit, there is no set limit on how many years eligible students can claim their tax deduction as long as they are taking at least one course.
Lifetime Learning Credit gives you a credit of 20% per year which can reach as much as $2,000 per return if you pay $10,000 of qualified educational expenses. This credit is family-based and not based on the number of dependents in a family as with the Hope credit. More readings about the benefits and qualification requirements of Lifetime Learning can be read at Internal Revenue Service.
The HOPE Scholarship is a type of tax credit scholarship that can be filed against federal income taxes. The HOPE Credit can only be claimed for a maximum of 2 years per qualified student who is enrolled on at least a half-time basis for any portion of the applicable tax year. Students can get as much as $1,500 HOPE Scholarship that is equivalent to 100% of the first $1,000 of tuition and fees and 50% of the second $1,000.
The credit will be available on a per-student basis for net tuition and fees paid for college enrolment. However, taxpayers cannot claim for a tax credit if their Modified Adjusted Gross Income (MAGI) is $53,000 or more for a single taxpayer and $107,000 or more for married taxpayers. Also, students will not be eligible to take the HOPE credit unless they are pursuing a certificate degree or an undergraduate degree.
You can read the details and availment of HOPE tax credit here.
Aside from the standard scholarships which are available for people who wish to pursue college education, there is also known as tax cuts or credits for education that can be used to return a portion of your educational expenses. The two types of tax credits that have educational benefits are HOPE Tax Credit and Lifetime Learning Tax Credit.
I can say that this is a type of indirect scholarship since you will not have any actual discounts from the cost of your tuition but this can be useful in reducing the taxes that you should pay hence, it has an effect of giving back portion of the amount you have paid for college tuition that reflect as tax credits.
Each eligible student is entitled to claim one type of tax credit scholarship per year. For parents who are paying for the expenses of more than one college student, they can use Hope Credit for the first student and apply the Lifetime Learning Credit for the second student.
But one cannot take either tax credit if he/she has deducted the same educational expenses on the same return. This also means that if one decides to take the tuition and fees deduction, they would not be eligible to claim for the Hope Credit or the Lifetime Learning Credit anymore.
For quite sometime now since I started writing about scholarships, there are lots of scholarship related websites that have a FastWeb link on them. Even universities recommend FastWeb for students searching for scholarships. And so, I tried visiting FastWeb site and I found out that FastWeb is a great site offering not only thousands but millions of scholarships.
FastWeb has a large source of local, national and international scholarships. Aside form this, they provide personalized scholarship matching and suggestions to help students finance their college education. But what I like in FastWeb is that they also a good place to look for a internship and part time jobs. So if you are in need of scholarship or internship, why not try searching at the FastWeb? Joining and creating your profile is free.
If you are a student who would like to pursue a career in public service or among those individuals who are aspiring a career in any government office, you may be qualified in applying for Truman Scholarship that is annually given by The Harry S. Truman Scholarship Foundation.
This type of scholarship is very challenging and requires nomination by your school but I can tell you that the reward is excellent. Truman is a national award scholarships to 70 to 75 qualified students from more than 600 applicants annually. Truman scholars are given up to $30,000 to use for their education. And as a Truman scholar, you should commit to work in the government or public service for at least three years after completing your degree.
The Truman scholarship application for the 2007 school year is still ongoing and will run until February 6, 2007. This is still ample time to seek nomination from your school or faculty representative and try your best to one of the Truman scholars. Read here for more info on how to become a Truman scholar.
All-Ink, one of the largest online suppliers or inks and fax supplies is offering up to $5000 worth of scholarships for select qualified high school senior students or students attending accredited college program during the Spring or Summer or full year term of 2007.
The application is open for all US citizen students with at least 2.5 GPA.Students who wish to apply should complete a two 50 to 200 words essay about the person who had the greatest impact in their lives and what the student wish to achieve after completing college.
So what you are waiting for? The requirements are not that hard and you can still apply until December 31, 2006 via their website. You may be one of the winners that will be notified by February 20, 2007.
Applying for scholarship is not a simple task it requires determination to succeed and devotion on complying with all the requirements. To begin your search for the scholarship you want it is vital that you know how to write an essay. Next you must pass the exam with flying colours. You must also take note certain qualifications of the sponsors.
My friend who applied and failed for the Federal Grant, never lose hope. She looked for other source of scholarships. Then she faithfully observed the guidelines for scholarship requirements and lucky her she land the scholarship which she now enjoy. I also remember that during the period of application she was very organized. She submits all the requirements ahead of the deadline and secure extra copy for her reference. Then when its time to mail she makes sure it is sent by registered mail with return card.
I also learn that being candid to your self and to the sponsor is also an important factor. She divulge to me that she always keep in mind to get real and chose only the scholarship that matches her qualifications. She doesn’t just dream of getting the scholarship but instead I see her working for it. Being focus and determine helps her lot to win the scholarship. With her right attitude and determination no wonder she impress the sponsor so if you plan to get a scholarship I guess you must really strive hard just what my friend did.
Many applicants for scholarships wonder how their application is evaluated. Well, based on what I have read, most sponsors who receive scholarship application tend to eliminate those who do not qualify with their requirements. This is done to reduce the application. So when you consider applying on scholarship make sure you perfectly fit on their qualifications.
Next on the process is the selection who among the qualified applicants can best show that they are commendable of the scholarship. This is done by checking the essay that can best show the originality and creativeness. Hence in preparing your essay make sure that it is a reflection of your true feelings.
As soon as the judges have chosen the excellent essay among the applicants take note that they will also check the attributes like the academic standing, the leadership ability or demonstrated leadership and even the extra-curricular activities and your characte. This will help them to evaluate and consider you in the scholarship so make sure you have fully observed and comply with their requirements.
When judges have picked their choice among the applicants who passed their requirements they will meet on panel to discuss and finalize the list of the successful applicants. This process involved voting. Hence if your application has met and impress the judges’ rest assured that it may possibly win you the scholarship.
Federal Grants may sound unfamiliar with us but this thing can make us pursue educational degree without worrying for so much financial expenses. Imagine this grant once awarded to you will not require you to pay them back when you finish your chosen study. No more repayment unlike loan or mortgage.
If you are wondering where it came from well based on my research it is only provided by state agencies and federal government. But you must also take note that federal grants are awarded only to needy students who have no means to support their education. If you think your one of this you must check the net now and complete the application form in FAFSA. The earlier you submit the application the more chances you will be considered as one of the awardees because they only provide limited slot for the grants.
Furthermore, in case you have chosen or qualify to federal grant it is also important to remember that it does not mean that all the expenses shall be covered. But rest assured that it may cover big percentage when you chose local colleges within your vicinity. So be prepared and make the best out of you application and with a little prayer I guess you can win it too.