A scholarship is financial support awarded to a student, based on academic achievement or other criteria that may include financial need, for schooling. There are various types of scholarships – the two most common being merit-based and need-based. The donor or department funding the scholarship sets the criteria for recipient selection, and the grantor defines explicitly how the money is to be applied. The funds are used to defray the costs of tuition, books, room, board, and other expenses directly tied to a student’s educational cost through the university. 

Scholarships are typically awarded using a variety of factors, including - but not limited to, academic achievement, departmental and community involvement, employment experience, areas of study, and financial need.