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A scholarship is an award of financial aid for a student to further their education. Scholarships are awarded based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be repaid. The term can also refer to simply dedicating one's time to mastery of a particular subject, for example, in the early Islamic world Scholars were people who had studied the Quran in great depth.
A scholarship is financial support awarded to a student, based on academic achievement or other criteria that may include financial need, for the purpose of schooling. There are various types of scholarships – the two most common being merit-based and need-based. The donor or department funding the scholarship sets the criteria for recipient selection, and the grantor specifically defines how the money is to be applied. The funds are used to defray the costs of tuition, books, room, board and other expenses directly tied to a student’s educational cost through the university.
Scholarships are typically awarded using a variety of factors, including - but not limited to, academic achievement, departmental and community involvement, employment experience, areas of study, and financial need.
Scholarships vs. grants
While the terms are frequently used interchangeably, there is a difference. Scholarships may have a financial need component but rely on other criteria as well.- Academic Scholarships typically use a minimum Grade Point Average or standardized test score such as the ACT or SAT to select awardees.
- Athletic Scholarships are generally based on athletic performance of a student and used as a tool to recruit high-performing athletes for their school's athletic teams.
- Merit Scholarships can be based on a number of criteria, including performance in a particular school subject or even club participation or community service.
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