Merit vs. Need-Based Study Abroad Scholarships: Which Should You Target?

Let’s face it: going abroad to study is the dream of many students, but financial matters can easily become a mountain to climb, even for the bravest of hearts. I am no exception, having stared at thumping tuition fees that make my head spin. But here’s the good news: whether you are a straight – A student or someone who needs some financial assistance, there’s definitely a scholarship for you. Let’s break down the two major types of study abroad scholarships, and help you see which ones to focus on.

Study Abroad Scholarships: Merit-Based Scholarships

Merit-based scholarships are actually like gold stars in your achievement book. They are awarded for academic excellence, leadership qualities, or some specific talents. The Institute of International Education reports that in the past year alone over $350 million in merit-based scholarships were awarded to fund international study.

1. Common merit-based scholarships include

• Fulbright Scholarships: These prestigious scholarships take into account your academic records, leadership potential, and project proposals. These are among the most competitive scholarships but might allow you to earn a living during your whole study abroad.
• Boren Awards: Provide funding of up to $25,000 for study abroad experiences in critical language regions.
• Critical Language Scholarships: If you’re studying specific languages deemed critical by the State Department in regard to international relations, working with the scholarship may be your best way to go abroad.

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2. Who Should Target Merit-Based Scholarships

You’re a prime candidate if:

• Your GPA is 3.5 or higher, and
• You have demonstrated strong leadership experience,
• You have received some academic award or honor,
• You’ve been involved in substantial extra-curricular activities,
• You have some other talent or skill that fits with the scholarship’s objectives. 

Study Abroad Scholarships: Understanding Need-Based Scholarships

Need-based scholarships are payments made to fill the gaps in finance by addressing the economic condition of students rather than their academic achievements. According to the National Association of Student Financial Aid Administrators, each year, need-based aid enables thousands of students to have the experience of studying abroad that they otherwise might not be able to.

1. Common Need-Based Options Include

• Gilman International Scholarship: Specifically for Pell Grant recipients, providing 5,000 dollars for foreign school options.
• Fund for Education Abroad: Provides scholarships for underrepresented students in study abroad programs.
• Go Overseas Need-Based Scholarships: An ongoing opportunity throughout the academic year for students demonstrating financial need.

2. Who Should Target Need-Based Scholarships?

If you:

• Regard the needs-based sprinter scholarship
• Qualify through your college or university for low-income students
• Receive acceptance to university for the first time
• Are a student from a previously underrepresented population who studies opportunities abroad
• Are qualifying for receiving financial assistance through a Pell grant 

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The Smart Strategy: Apply for Both

Experts recommend applying for both merit and need-based scholarships to expand your chances of securing financial aid for your international learning.

Tips for Application Success

1. Start Early: Researching and applying ideally should be six to twelve months before your anticipated study abroad date.
2. Document Everything: Keep written documentation of your academic and financial life.
3. Tell Your Story: For merit or need-based, scholarship committees hope to hear authentic voices telling them why students are soliciting the funds.
4. Check for Institution-Specific Options: Many universities offer their own study abroad scholarships. The University of Minnesota Learning Abroad Center is one institutional resource that offers extensive support for study abroad programs. 

The Bottom Line

The best strategy is not choosing between the choice of merit-based or need-based scholarships but strategizing the individual ones that would take the most time. Put your energies into scholarships where you meet all the criteria for selection so you have a compelling story to tell about your achievements or financial situation.

Start with your scholarship search right now and remember that for every application you submit, you are one step closer to getting on the plane for your study abroad adventure. Somewhere out there is the perfect scholarship (or combination of scholarships) waiting for you!

Want to start your scholarship search? Consider using GoOverseas’ Scholarship Search Engine. More help? Your university’s study abroad office should be your first stop for personalized advice on finding and applying for scholarships that are tailored to your particular situation.