Scholarships are financial awards given to students to help pay for their education, basically free money for school.

Unlike loans, scholarships do not have to be repaid. Scholarships can be given for academic achievement, athletic ability, artistic talent, financial need, or other factors. Lots of places such as colleges, private organizations, non-profits, and government agencies give scholarships out to help students reduce the financial costs of tuition, fees, and other education expenses. Not all colleges offer merit-based scholarships like Harvard and Princeton. Schools like these focus solely on financial aid, however, most colleges do offer merit aid to attract high-achieving students. The factors like the coverage and the available differ across different institutions. That is why it is important for students to understand each individual college’s specific policies in order to make the best decision financially concerning their education.

There are many merit-based college scholarships open for students based on academic achievements, extracurriculars, leadership experience and more!!

Examples:
  • Coca-Cola Scholarship: This is a prestigious annual merit-based scholarship offered to 150 US high school students offering $20,000 each.
  • QuestBridge National College Match: This scholarship is targeted for high-achieving, low-income students.
  • Zell Miller Scholarship in Georgia: This scholarship is targeted for students with a high GPA (3.7+) and with high SAT/ACT scores.
Note: The range of expenses that merit scholarships envelope vary based on the type of scholarship:
  • Comprehensive coverage: Some scholarships include tuition, room, board, and school fees.
  • Tuition-only scholarships: Some scholarships (like many merit based scholarships) only include tuition.
  • Additional allowances: There are a couple of scholarships that provide funds for books, supplies, or even support a further dive into academics in addition to the scholarship.

U.S.-based colleges offer a wide variety of scholarships, including


Merit-Based Scholarships:

Awarded based on a student’s achievements and abilities. These can include academic excellence, athletic skills, artistic talents, or other special accomplishments. It’s essentially a reward for your hard work and dedication in a particular area. Eligibility: Students should have a strong academic performance (typically GPA of 3.0+), leadership experience, or extracurricular achievements (example: National Merit Scholarship based on the PSAT).

Need-Based Scholarships:

These scholarships are designed to help students who may not have the financial resources to pay for college such as the Excelsior Scholarship. The goal is to make higher education more accessible to students from all economic backgrounds. Eligibility: Depends on the financial need (determined based on the FAFSA form)

Specialized Scholarships:

These scholarships are designed to help students who may not have the financial resources to pay for college such as the Excelsior Scholarship. The goal is to make higher education more accessible to students from all economic backgrounds. Eligibility: Depends on the financial need (determined based on the FAFSA form)

Field-Specific Scholarships:

This is awarded just to students studying engineering, nursing, or computer science. This scholarship helps support students who are pursuing careers in those areas. Eligibility: Typically it requires high academic performance within relevant coursework as well as enrollment in certain majors or institutions.

Institutional Scholarships:

Award given by a specific college or university to its students. This scholarship can be based on merit such as good grades or special talents. It’s also awarded based on various factors like academic performance, financial need, athletic ability, or other achievements. Institutional scholarships are funded directly by the school itself. Eligibility: They will require a certain academic standing (GPA), demonstrated financial need, as well as enrollment.

Other overall criteria include citizenship, unique skills, and even volunteering. Scholarships may differ in criteria and will require more than what is mentioned above, so it is important to read the terms and requirements for the scholarships you are applying for! What is mentioned above is a very broad criteria.

Some of the most competitive scholarships to apply for include:


Coca-Cola Scholarship:

The Coca-Cola Scholarship is a prestigious annual merit-based award offered to 150 US high school students offering $20,000. Recognizing leadership, academic excellence, and community service. Administered by the Coca-Cola Scholars Foundation, this scholarship supports students pursuing undergraduate degrees at accredited U.S. institutions.

  • Financial Support: A one-time $20,000 award.
  • Recognition: Access to a network of over 6,900 alumni.
  • Eligibility: Applicants must be U.S. citizens, nationals, or eligible residents, graduating high school this year with a 3.0+ GPA, planning to enroll in a U.S. college, and demonstrating leadership and community engagement.
  • Leadership Development: Opportunities for mentorship and community engagement.
  • Competitive Insight: With nearly 100,000 applicants and a 0.15% acceptance rate, successful candidates demonstrate leadership, innovation, and compelling essays reflecting Coca-Cola’s values.
  • Suggestions: Start early on essays, highlight your community impact, and proofread carefully for clarity and errors.
  • Apply online via the Coca-Cola Scholars Foundation portal (opens August 1) with recommendation letters, essays, transcripts, and a résumé of extracurricular activities.
  • Applications for the 2025–2026 cycle will open in August 2025.
  • For the latest updates, visit the  Coca-Cola Scholars Foundation website.

Thurgood Marshall College Fund (TMCF) Scholarship:

Thurgood Marshall College Fund (TMCF) Scholarship is a financial aid program for students at Historically Black Colleges and Universities (HBCUs) and Predominantly Black Institutions (PBIs).

  • Named after Thurgood Marshall, the first African American U.S. Supreme Court Justice.
  • Provides funding for high-achieving students with financial need.
  • Scholarships are merit & need-based.
  • Applicants must often demonstrate, Leadership skills, Academic excellence & Community involvement
  • Supports students pursuing undergraduate, graduate, and professional degrees.
  • For more details, visit:TMCF Scholarships.

Rhodes Scholarships:

Exceptional students worldwide, typically for post-graduate studies at Oxford University.

  • Covers full tuition, living costs, and travel.
  • Very selective, with only a few recipients per country.
  • Main requirements include an outstanding academic record, leadership potential, and community involvement.
  • Deadline: The deadline for the Rhodes Scholarships varies depending on the country you're applying from. Typically most applications are due in early September to mid-October the year before you plan to start. Check the official Rhodes Trust website or your local selection committee for the exact deadline date for your country.

Fulbright Scholarships:

U.S. students and international students who want to study, conduct research, or teach abroad.

  • Full funding, which generally covers tuition, living costs, and travel.
  • Highly competitive, attracting thousands of applications each year from all over the world.
  • Deadline: Application deadlines vary by country but for most U.S. applicants, the deadline is typically early October.

Gates Cambridge Scholarships:

International students (outside the UK) pursuing postgraduate study at the University of Cambridge.

  • Full funding for tuition, living costs, and travel.
  • Very competitive, with a challenging selection process.
  • Main requirements include academic excellence, leadership potential as well as the student applying for PhD, MLitt (full time), or a one year postgraduate course (full-time).
  • Deadline: The most common start date is October and the deadline is usually in early December. For undergraduates applying to the University of Cambridge, the deadline is usually in October. To get the precise date for your year and program, it's best to check the official Gates Cambridge Scholarship website.

Barry Goldwater Scholarship:

U.S. undergraduate students pursuing degrees in science, mathematics, or engineering.

  • Up to $7,500 annually for tuition, fees, and textbooks.
  • Very competitive, with around 300 recipients selected each year across the U.S.
  • Deadline: The deadline for the Barry Goldwater Scholarship is usually around late January each year. It's always a good idea to double-check the official website or the application portal for any updates.

National Merit Scholarship:

U.S. high school students who excel in the PSAT/NMSQT (Preliminary SAT/National Merit Scholarship Qualifying Test).

  • Ranges from $2,500 for the National Merit Scholarship itself, to full tuition or other awards from corporate sponsors and universities.
  • Highly competitive, as over 1.5 million students take the test each year, but only around 7,500 scholarships are awarded.
  • Deadline: To be eligible, you must take the PSAT/NMSQT in October of your junior year. If you're a semifinalist, you must submit your finalist application (including transcripts and other materials) by early February of your senior year, typically around February 1.

WUE (Western Undergraduate Exchange):

Out-of-state tuition can be really expensive, often two to three times more than the cost of in-state tuition. This makes going to college in another state a big financial challenge for many students. Programs like the Western Undergraduate Exchange makes attending out-of-state colleges and universities more affordable for students. After all, it offers a reduced tuition rate, helping you get the best deal. With the WUE program, public colleges in the western U.S charge out-of-state students a significant tuition discount limiting their tuition no more than 150% of what instate students pay. This helps make college more affordable for students from other states. It is important to keep in mind that the exact savings may vary depending on the school or major.

  • Over 160 involved institutions.
  • Students on average save $11,294
  • Eligibility: Applicants must reside in one of 15 WICHE states or 3 territories, be admitted as a first-year or transfer student, maintain full-time enrollment and required academics, and select an eligible major.