Fellowships and scholarships are financial support for education, but they have some key differences. Understanding these differences can help students make informed decisions when planning their academic journey. It’s important to know which type of support aligns best with your goals and eligibility. In this article, we’ll break down what each one means and how they differ.
What is a Scholarship?
A scholarship is a form of financial assistance granted to students, typically based on academic merit, financial need, or specific eligibility criteria (such as gender, community, or sports achievements). These awards do not require repayment and are often meant to support students at the undergraduate or postgraduate level.
Government-backed scholarships in India include:
- Prime Minister’s Scholarship Scheme (PMSS)- Managed by the Ministry of Home Affairs for dependent wards and widows of Central Armed Police Forces, Assam Rifles, and State Police personnel.
- INSPIRE Scholarship – Provided by the Department of Science & Technology to support science students.
- National Overseas Scholarship Scheme (NOS) - This scheme provides financial support to low-income students from marginalised communities to pursue higher education abroad (master’s or Ph.D.) for their economic and social upliftment.
What is a Fellowship?
A fellowship is generally awarded to students or professionals pursuing higher studies, research, or academic work. Unlike a typical scholarship, fellowships usually provide a stipend, cover tuition fees, and sometimes even fund project costs, equipment, or travel.
In many cases, fellowships have certain responsibilities such as working on a research project, assisting in teaching, or reporting progress to the sponsoring institution.
Well-known fellowship programmes include:
- Prime Minister’s Research Fellowship (PMRF) – For research students at premier institutions like IITs and IISc.
- Fulbright-Nehru Fellowship – For Indian students to pursue research or postgraduate studies in the U.S.
- UGC NET-JRF – A fellowship for candidates qualifying the National Eligibility Test, mainly for research and academic roles.
Funding Gaps? Consider an Education Loan
Fellowships and scholarships are undoubtedly helpful, but they are highly competitive and may not always cover all expenses. Many students miss out on these entirely. This is where an education loan becomes a practical solution.
Taking an education loan allows you to fund tuition fees, accommodation, travel, study material, and other related costs without relying solely on merit-based aid. Whether you’re studying in India or abroad, loans provide the flexibility and assurance to focus on your studies rather than financial stress.
Conclusion
Both play an essential role in making higher education more accessible. While they serve different purposes, understanding fellowship vs scholarship helps you apply more strategically and choose what aligns best with your academic path. However, if you’re unable to secure full financial aid or need additional support, don’t hesitate to explore education loans. Credila offers education loans for abroad studies with flexible repayment plans and a smooth application journey to help you stay focused on your goals.
Disclaimer
As of March 31, 2024. T&C apply.
Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Limited)
The education loan facility provided by Credila Financial Services Limited ('The Company') will be at the sole discretion of the Company and within the Company's prescribed credit and underwriting norms/guidelines prevailing at the time of processing and disbursing the education loan. The Company maintains the right to change the interest rate at any time and at its sole discretion, without prior notice.
