A scholarship is an award of financial aid for a student to further their education. Scholarships are awarded on 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.
Merit-based: These awards are based on a student's academic, artistic, athletic or other abilities, and often factor in an applicant's extracurricular activities and community service record. The most common merit-based scholarships, awarded by either private organizations or directly by a student's intended college, recognize academic achievement or high scores on standardized tests. Most such merit-based scholarships are paid directly by the institution the student attends, rather than issued directly to the student.
