Scholarship
Definition
Financial aid awarded to students based on academic achievement, talent, financial need, or other criteria that does not need to be repaid.
Scholarships are grants of financial aid that help students pay for education without requiring repayment, unlike loans. They are awarded based on various criteria including academic merit, athletic ability, artistic talent, community service, financial need, field of study, or demographic background.
Scholarships come from many sources: colleges and universities (institutional scholarships), federal and state governments, private foundations, corporations, professional associations, and community organizations. They can range from a few hundred dollars to full-tuition awards covering all educational costs.
Maximizing scholarship opportunities requires starting the search early, applying to many scholarships (even small ones add up), writing strong personal essays, maintaining a high GPA, building a diverse activity profile, and meeting all deadlines. Dedicated scholarship search platforms and high school counselors can help identify opportunities.
Related Calculators
Related Terms
FAFSA (Free Application for Federal Student Aid)
educationThe federal form used to determine eligibility for grants, scholarships, work-study programs, and federal student loans for college education.
Cumulative GPA
educationThe overall grade point average calculated across all courses taken throughout an academic program, reflecting total academic performance.
SAT (Scholastic Aptitude Test)
educationA standardized college admissions test that measures reading, writing, and mathematical abilities, widely used by colleges in the United States.
Bachelor's Degree
educationA four-year undergraduate degree that provides comprehensive education in a major field of study, required for most professional careers.
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