Funding your Education: Scholarships and Fellowships!

When applying for your higher studies abroad, you must have quite often come across the terms - scholarships and fellowships. We are sure you all have an idea that both scholarships and fellowships are related to financial aid, but do you know exactly what is the difference between a scholarship and a fellowship? If not, don’t worry; today, we will take you through the difference between scholarship and fellowship. Let’s get on with the ultimate showdown of fellowship vs scholarship!

What is a Fellowship vs. scholarship?

Students with excellent academic performance receive grants known as scholarships. To get a scholarship, you must ensure to get good grades and be also ahead with your educational achievements. The government, universities, and many other educational institutions grant this financial aid. You can get both undergraduate and postgraduate scholarships. Do keep in mind that the eligibility criteria to receive a scholarship varies according to different universities and institutions. Scholarships usually cover your tuition fees, accommodation rent, travel, food, and other education-related expenses. Also, since scholarships do not come with repayment, you don’t have to pay back the scholarship amount.

On the other hand, a fellowship is for students who want to pursue research on a specific subject or are PhD scholars. With a fellowship, it's not important that you will receive only monetary aid, but there can be other benefits, such as access to libraries or any other research facility, too. Also, fellowships are given after graduation and only to students who are a part of an academic institution with no salary or job. Students can also teach at any academic institution under a fellowship.

Types of Scholarships and Fellowships

The first difference in fellowship vs scholarship that we will explore is the types. There are many kinds of scholarships available for students studying abroad. These include merit-based, need-based, athletic, and other specific subject scholarships. Each scholarship has its own criteria and requirements, but all of them help students achieve their educational goals. On the other hand, fellowships are awarded based on a combination of merit and potential for success in a specific field. Fellowships are often offered for research, graduate or professional study. Types of fellowships include research, graduate, doctoral, professional development, and postdoctoral fellowships.

Types of Scholarships

Have a look at the two types of scholarships:

1. Merit-Based Scholarships: These scholarships are for students who have a high academic performance track record. Merit-based scholarships are given only to students who perform best in academics, sports, leadership activity, or contribute in community services. These scholarships are very high on competition, so make sure to complete your application form at the earliest and keep giving your best in all aspects of your student life. 

2. Need-Based Scholarships: As the name suggests, need-based scholarships are for students who are in dire need of financial aid for their higher studies. To apply for need-based scholarships, you need to provide proof of your actual financial situation. The factors to consider regarding the financial need for scholarships will vary as per the institutions. Some universities may look at the family’s income, some at the amount a student will take from the family and the rest as a loan.

Types of Fellowships

Below are a few major types of fellowships:

1. Doctoral and Post-Doctoral Fellowships: Students who are research scholars in a specific subject are the ones to receive doctoral and post-doctoral fellowships. Students will get a PhD fellowship in the form of a stipend or temporary employment. It goes without saying that a PhD student will get a reputed status in a particular academic university where the student is pursuing a degree. 

2. Medical Fellowship: A medical fellowship is offered to physicians who have finished their general medicine program and have chosen a specific field of medical study. Medical fellowships are offered based on the specific medicine subject a student has opted for. This fellowship also aids students in pursuing research work related to their study subject. 

Eligibility for Scholarships and Fellowships

Next on what’s the difference between fellowship and scholarship is the eligibility criteria. The eligibility criteria for both scholarships and fellowships are very different. Here is how.

Eligibility Criteria for Scholarships

Every scholarship has a different set of criteria that the student must meet accordingly. For example, for merit-based scholarships, you must have good academic scores and also have a good track record for all your extra-curricular activities. Whereas, for need-based, the eligibility criteria is to show that you are not financially well-off. Besides the type of scholarships, the eligibility also depends on the university you are applying to and the subject you will be pursuing. 

Eligibility Criteria for Fellowships

For fellowships as well, the eligibility criteria greatly depend on the educational institution you’re applying to. You are eligible only when you are a research or PhD scholar. You also need to showcase a genuine interest in research, leadership skills, and some work experience related to your field. 

When to Apply for Scholarships and Fellowships?

Wondering what’s the difference between a scholarship and a fellowship when it comes to application? For scholarships, students need to apply before the upcoming academic year. So, if you want to apply for the next undergraduate or postgraduate degree, you must apply for scholarships as soon as possible. In contrast, the fellowship deadlines are already set by the institution offering it. Make sure to keep an eye out for the fellowship application deadline and apply in time to increase your chances of getting the fellowship. Many of the fellowships are accepted annually, so start your application process a few months prior to your submission date. 

Scholarships and Fellowships: What are the Key Differences?

There are a few key differences besides the ones mentioned above. We’ve laid it down in the table below:

Hope our fellowship vs scholarship blog helped you gain insights into the difference between scholarship and fellowship. Scholarships and fellowships are both valuable forms of financial aid that help students achieve their career goals. To know what is the difference between a fellowship and a scholarship, understand that while scholarships cover tuition and fees, fellowships are funding for research studies. Knowing the scholarship vs fellowship difference can help you navigate the financial aid landscape and make more informed decisions about your studies.