What is a scholarship?

A scholarship is a form of financial aid that is typically awarded to students based on their academic achievement, although it can also consider other factors such as athletic performance, artistic talent, or community service. Unlike loans, scholarships do not need to be repaid, making them a valuable resource for students seeking to reduce the cost of their education.

Scholarships can come from various sources, including schools, private organizations, and governmental bodies, which often set specific criteria for eligibility. By focusing on rewarding merit, scholarships encourage students to excel and pursue higher education without the burden of financial repayment. This distinguishes them from employment positions or loans, which either require work or repayment, respectively.