Now that you have completed your pre-tertiary education and will be going to the University next, are you considering of getting a scholarship but do not know which is the best?
As I have been looking for a scholarship, I am happy to share with you all my research and thoughts on the different scholarships available. If you are entering university soon, I hope you find this article useful.
Before I begin, I do not believe there is the best scholarships. All scholarships offer different incentives and opportunities to their holders. Depending on your circumstances and preferences, one may be better than the other. As such, I will share with you the pros and cons of different types of scholarships, and you can decide which is the best for you.
Why get a scholarship?
Covers tuition fees
If you take a look at the study done by DBS, the cost of university is not cheap. As a Singaporean, a four-year undergraduate program in Singapore would already cost you an average of $40,000 in total. If you are planning of studying abroad, this figure would be much higher especially after factoring in student accommodations and living costs overseas.
This is where a scholarship comes in. Ultimately scholarships are awards that provide financial aid to outstanding students. With a scholarship, you can save a large sum of money on your education.
More time to focus on your studies
Apart from paying your tuition fees, some scholarships do provide monthly allowances for your day-to-day needs. With this, instead of working part-time, you could devote more time to your studies and get better grades.
Securing a job
It is quite common for scholarship holders (especially industry scholarships) to sign a bond with the organization. This would require them to work with the company upon graduation. Being bonded to an organization so early can be seen as favourable or unfavourable depending on who you ask.
Being bonded means that you are stuck with a company for 4-6 years after graduation. No matter how alluring other opportunities are out there after graduation, you would not have a choice but to forgo it.
However, if you have done your research and see yourself working for a particular company, being bonded is a blessing in disguise. No matter how bad the economy is, you will be assured that you will get a job right after graduation. Think about those that graduated last year, many had difficulties finding jobs after graduation due to the pandemic.
Additional opportunities
As a scholar be it from the university or industry, the organization that provided the scholarship would provide a lot of opportunities for you to learn.
This can be leadership programs, internships, 1 to 1 mentorship, networking many more.
Types of scholarships
There are many different types of scholarships offered by various organizations. This includes the Universities, government agencies, and also the private sectors.
Within the same organization, they may also offer local and overseas scholarships. Here are some features that set them apart.
Key Features to note when comparing scholarships
Financial Coverage
Different scholarships come with different amounts of financial coverage.
While most scholarship covers the full tuition fee of your university, some may just provide a fix amount i.e $18,000 per annum. In addition to this, some scholarships do provide subsidies for your stay on campus and also exchange programs.
Bond period
The most notable difference is the bond period of a scholarship. If you are planning to get an industry scholarship, it tends to come with a bond. The duration of these bonds is typically 4 years for local scholarships and 6 years for overseas scholarships. As 4-6 years is quite a long period, this is an important decision as to which scholarship you would want to get.
If you do not like the idea of being bonded, do consider university scholarships which are typically bond-free
Overseas experience
Getting an overseas scholarship would allow you to study overseas without worrying about the cost. This allows you to experience new things and broaden your perspective. Besides, it would teach you how to be independent as you navigate your new environment.
That is not to say local scholarships do not give you such an opportunity. Even if you are studying at one of the local universities, you can also get the opportunities to travel overseas for student exchange and internships.
University vs Industry Scholarships
To sum up, here is a pros and cons list as a quick guide.
University Scholarship (Local/Overseas)
| Pros | Cons |
| Not bonded, hence more opportunities for graduates to explore | Uncertainty in jobs after graduation |
| Some university scholarship comes with a special program which its scholars are eligible for | No mentorship provided |
| Cultural experiences opportunities available (Overseas) | Requires you to maintain a certain GPA |
Industry Scholarship (Local/Overseas)
| Pros | Cons |
| Secure a job before graduation | (on average) 4 years bond (Local), 6 years bond for (Oversea) |
| Guaranteed Internship opportunities with the company | Requires you to maintain a certain GPA |
| Possible mentorship during studies | |
| Additional opportunities like leadership roles | |
| Cultural experiences opportunities available (Overseas) |
Didn’t do well? Try applying for mid-term scholarships instead
Well, I understand that not all have done well for their pre-university exams.
A survey by BrightSparks revealed that one of the main reasons why students are not planning to apply for scholarships is due to the worry they did not meet the requirement:
However, do not worry, there is another type of scholarship called the mid-term scholarship. These scholarships are given to students who have already been enrolled in a university and have started their schools. This is different from full-term scholarships that are awarded to students before they enter university.
As such, if you have not decided which scholarship to get or were not able to attain one, do not be sad as you would be able to apply during your university with your university results instead.
Personal Opinion
I am applying for a local scholarship as I do not think overseas scholarships are as attractive now given the ongoing pandemic. Due to Covid-19 last year, many students with overseas scholarships had to come back to Singapore. In the end, they are doing online classes from their university. Adding to this, with the difference in time zone some had to stay up late to attend lectures.
While it may seem that the Covid-19 situation is improving here in Singapore, you have to also take into account the host country regulation. If they are still not willing to let you study there, there is nothing much you can do about it. Besides, studying in a local university does not restrict your cultural exchange opportunities. There are many programs like student exchange that allows undergraduate to head oversea and study in a partner university for a semester. This is the reason why I am going for a local scholarship.
Last but not the least, do not allow the prestige and financial benefit of a scholarship to cloud your Judgement. If you are not ready to be bonded by a company, do not take it. Instead, you can look for scholarships provided by schools since most of them do not come with a bond. Also, while getting a scholarship is great, maintaining it is another thing. If you are planning to get a scholarship, be prepared to put in more time for your studies as you need to maintain a good grade point average (GPA) to keep the scholarship.
What are you waiting for! Start applying for your scholarship now. You can take a look at BrightSparks and scholarshipguide to begin your search.
All the best in your scholarship applications!