Scholarship
Definition
Scholarships are financial awards granted to students to support their education, typically based on academic achievement, talent, or other criteria.
Detailed Explanation
Scholarships are a form of financial aid that do not require repayment, making them highly sought after by students and families navigating the costs of college education.
They are offered by various entities, including educational institutions, nonprofit organizations, corporations, and philanthropic foundations.
Scholarships are awarded based on a range of criteria, which can include academic excellence, athletic talent, artistic abilities, leadership qualities, and specific personal or career interests. Some scholarships are also aimed at supporting students from particular backgrounds, aiming to increase diversity and access to education for underrepresented groups.
The process of applying for scholarships often involves submitting academic records, personal essays, recommendations, and sometimes, completing interviews or auditions. The value of scholarships can vary widely, from smaller awards that cover books and supplies to full-ride scholarships that cover all tuition, room, and board expenses.
Example
The National Merit Scholarship Program is an academic competition for recognition and university scholarships administered by the National Merit Scholarship Corporation. High school students enter the National Merit Program by taking the Preliminary SAT/National Merit Scholarship Qualifying Test and meeting other program requirements.
Key Articles Related To Scholarships
Related Terms
Fellowships: Financial awards to support students, often at the graduate level, typically for research or study in a specific field.
Financial Aid: General term for any type of funding that assists students in paying for their education, including scholarships, grants, loans, and work-study programs.
Grants: Financial aid awards based on need or merit that do not require repayment.
Student Loans: Borrowed money that must be repaid with interest, used to pay for educational expenses.
Scholarship FAQs
How do I find scholarships?
Students can find scholarships through their school's financial aid office, online scholarship databases, community organizations, and companies.
Are scholarships taxable?
Scholarship money used for tuition and course-related expenses is generally not taxable, but funds used for other expenses, like room and board, may be taxable.
Can scholarships affect my other financial aid?
Yes, receiving a scholarship can sometimes reduce the amount of need-based financial aid a student is eligible to receive. This is known as scholarship displacement.
Do I need to repay a scholarship if I drop out?
This depends on the scholarship's terms and conditions. Some may require repayment under certain circumstances, while others do not.
Editor: Ashley Barnett
