The nature of the scholarships varies depending on the agency that provide the scholarship and the nature of the founder who instituted the scholarship. Merit based scholarships are awarded to students based on their meritorious performances in their academic career and/or their performance in a common exam meant for selecting a student for scholarship. Some examples of these types of scholarship include the ACT and SAT standardized tests based on which certain private institutions or the college which the students aims to pursue his education award scholarships. The institutions which offer academic scholarship may also take into consideration merits other that academic merits such as the students athletic, artistic or other abilities. A student’s performance in the community service and his or her extracurricular activities also taken into consideration while considering a student for scholarship.