A scholarship is a form of financial aid awarded to students for further education. Generally, scholarships are awarded based on a set of criteria such as academic merit, diversity and inclusion, athletic skill, and financial need.
Scholarship criteria usually reflect the values and goals of the donor of the award, and while scholarship recipients are not required to repay scholarships, the awards may require that the recipient continue to meet certain requirements during their period of support, such maintaining a minimum grade point average or engaging in a certain activity (e.g., playing on a school sports team for athletic scholarship holders).[1][2]
Scholarships also range in generosity; some range from covering partial tuition ranging all the way to a 'full-ride', covering all tuition, accommodation, housing and others.
Some prestigious, highly competitive scholarships are well-known even outside the academic community, such as Fulbright Scholarship and the Rhodes Scholarships at the graduate level, and the Robertson, Morehead-Cain and Jefferson Scholarships at the undergraduate level.
Scholarship Grants:
While the terms scholarship and grant are frequently used interchangeably, they are distinctly different. Where grants are offered based exclusively on financial need, scholarships may have a financial need component but rely on other criteria as well.[3]
Academic scholarships typically use a minimum grade-point average or standardized test score such as the ACT or SAT to narrow down 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 club participation or community service.
A federal Pell Grant can be awarded to someone planning to receive their undergraduate degree and is solely based on their financial needs
